Journal entries, general fund. Prepare the necessary journal entries to record the following transaction for the city of Smallville during 2017 in the general fund and account groups, and specify the account group used. Entries in the debt service fund and capital projects fund should be ignored.
a. General obligation term bonds with a face value of $2,700,000 were sold for $2,705,000. The proceeds from the bond issue were to be used to construct a new library and were received by the capital projects fund.
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