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A Local Government Sells Bonds Having a Face Value of $1,000,000

Question 49

Multiple Choice

A local government sells bonds having a face value of $1,000,000 at par.The bond proceeds will be accounted for in a Capital Projects Fund.What account will be credited to offset the debit to cash?


A) other financing sources
B) citizens' equity
C) fund balance
D) bonds payable

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