The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000. b) Prepare the journal entries to record these events assuming they were recorded in the Enterprise Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000. b) Prepare the journal entries to record these events assuming they were recorded in the Enterprise Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The village of Old Road orders a computer costing $600,000. The village finances the computer by issuing a $600,000 long-term bond at face value. The village receives the computer and pays cash of $600,000.
b) Prepare the
If no entry is required, select 'No debit (or credit) entry required' in the account field and
enter 0 or leave the debit and credit fields blank.
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