Capital - Bond Ordiance Entries

Question 1

To Record the Bond Ordinance

Answer 1

Debit - D/C to Future Taxation
Debit - Capital Improvement Fund

Credit - Improvement Authorization - Funded
Credit - Improvement Authorization - Unfunded

Memo Entry

Debit - Estimated Proceeds of Bonds & Notes Authorized but not issued
Credit - Proceeds of Bonds & Notes Authorized but not issued

Question 2

To Record a Bond Anticipation Note

Answer 2

Debit - Cash
Credit - Bond Anticipation Notes

Memo Entry
Debit - Proceeds of Bonds & Notes Authorized but not issued
Credit - Estimated Proceeds of Bonds & Notes Authorized but not issued

Question 3

Cash Disbursement Under the BANs (using past the funded portion) entry

Answer 3

Debit - Improvement Authorization - Funded
Debit - Improvement Authorization - Unfunded
Credit - Cash

Question 4

To record Serial Bond issued

Answer 4

Debit - Cash
Credit - Serial Bonds

Question 5

To Record Payoff of BANs

Answer 5

Debit - Bond Anticipation Notes
Credit - Cash

Question 6

Reclassy D/C & Improvement Authorization to Funded

Answer 6

Debit - D/C to Future Taxation - Funded
Debit - Improvement Authorization - Unfunded
Credit - D/C to Future Taxation Unfunded
Credit - Improvement Authorizatino - Funded

Memo Entry
Debit - Proceeds of Bonds & Notes Authorized but not issued
Credit - Estimated Proceeds of Bonds & Notes Authorized but not issued

Question 7

Cash Disbursement Entry (fully funded)

Answer 7

Debit - Improvement Authorization - Funded
Credit - Cash

Question 8

To Reocrd Serial Bond Retired

Answer 8

Debit - Serial Bond
Credit - D/C to Future Taxation - Funded

Question 9

To Cancel Bond Ordiance Balance

Answer 9

Debit. - Imrpvoement Authorization - Funded
Credit - Fund Balance