2 Green Mountain County had the following transactions related to the issuance of its bondanticipation notes. All amounts are in thousands of dollars.Transactions:1. The county issued $5,000 of 6-month, 6% bond anticipation notes (BANs) on March 1, 20X5. Theproceeds will be used to begin construction of a major courthouse addition and improvement.2. Prepare any entries required at June 30, 20X5, the fiscal year end.3. The county issued $9,000 of courthouse bonds at par on August 15, 20X5. The bond issuancecosts were $100.4. The BANs were repaid on the due date, August 31, 20X5.Requirements:1. (1) Prepare the journal entries required in a Capital Projects Fund to record these transactions,assuming the bond anticipation notes do not qualify for long-term debt treatment. If no entry isrequired, state "No entry required" and explain why.(2) Indicate the effects of each transaction on the accounting equation of the Capital Projects Fundand on the General Capital Assets and General Long-Term Liabilities accounts. If an element is notaffected, put "NE" in the appropriate box.

DateAccount TitleDebit (in $000)Credit (in $000)Mar 1, 20X5Cash5000Other Financing Sources -…

Requirements: 1. (1) Prepare the journal entries required in a Capital Projects Fund to record these transactions, assuming the bond anticipation notes do not qualify for long-term debt treatment. If no entry is required, state "No entry required" and explain why. (2) Indicate the effects of each transaction on the accounting equation of the Capital Projects Fund and on the General Capital Assets and General Long-Term Liabilities accounts. If an element is not affected, put "NE" in the appropriate box.

Requirements: 1. (1) Prepare the journal entries required in a Capital Projects Fund to record these transactions, assuming the bond anticipation notes do not qualify for long-term debt treatment. If no entry is required, state "No entry required" and explain why. (2) Indicate the effects of each transaction on the accounting equation of the Capital Projects Fund and on the General Capital Assets and General Long-Term Liabilities accounts. If an element is not affected, put "NE" in the appropriate box.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Green Mountain County had the following transactions related to the issuance of its bond
anticipation notes. All amounts are in thousands of dollars.
Transactions:
1. The county issued $5,000 of 6-month, 6% bond anticipation notes (BANs) on March 1, 20X5. The
proceeds will be used to begin construction of a major courthouse addition and improvement.
2. Prepare any entries required at June 30, 20X5, the fiscal year end.
3. The county issued $9,000 of courthouse bonds at par on August 15, 20X5. The bond issuance
costs were $100.
4. The BANs were repaid on the due date, August 31, 20X5.
Requirements:
1. (1) Prepare the journal entries required in a Capital Projects Fund to record these transactions,
assuming the bond anticipation notes do not qualify for long-term debt treatment. If no entry is
required, state "No entry required" and explain why.
(2) Indicate the effects of each transaction on the accounting equation of the Capital Projects Fund
and on the General Capital Assets and General Long-Term Liabilities accounts. If an element is not
affected, put "NE" in the appropriate box.

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