2. [Para. 6-b-21 Taxes were levied by the debt service fund in the amount of $1,938,000. Of this amount, $38,000 was expected to be uncollectible. (NOTE: Total taxes billed was $1,938,000.) 3. [Para. 6-b-3] Cash in the amount of the $40,000 premium on the bonds sold on January 1, 2023 was received and recorded in the debt service fund. NOTE: The credits for this entry in the governmental activities general journal should have been made as part of the requirements for Chapter 5. 4. [Para. 6-b-4] Temporary investments were purchased in the amount of $100,000. 5. [Para. 6-b-5] Checks were written and mailed to bondholders for bonds maturing on January 1, 2023, and to pay all bond interest due that day ($300,000 current portion of long term debt, plus an interest payment of $6,000. In the governmental activities general journal, debit Accrued Interest Payable for the interest payment as this amount was expensed on December 31, 2022, the end of the preceding fiscal year. 6. [Para. 6-b-6] Current taxes receivable were collected in the amount of $1,841,100. Also, delinquent taxes receivable were collected in the amount of $5,600, along with Interest and Penalties Receivable on Taxes of $4,550. 7. [Para. 6-b-7] Temporary investments were purchased in the amount of $200,000. 8. [Para. 6-b-8] Pay the $40,000 interest payment due on July 1, 2023. At the government-wide level, $1,000 was debited for amortization of the premium on bonds sold for the 2% serial bonds. 9. [Para. 6-b-9] Current taxes receivable of $58,140 were collected. b 10. [Para. 6-b-10] The uncollected balance of current taxes receivable and the related estimated uncollectible account were reclassified as delinquent. Interest and penalties of $3,000 were accrued, of which $150 was estimated to be uncollectible.
2. [Para. 6-b-21 Taxes were levied by the debt service fund in the amount of $1,938,000. Of this amount, $38,000 was expected to be uncollectible. (NOTE: Total taxes billed was $1,938,000.) 3. [Para. 6-b-3] Cash in the amount of the $40,000 premium on the bonds sold on January 1, 2023 was received and recorded in the debt service fund. NOTE: The credits for this entry in the governmental activities general journal should have been made as part of the requirements for Chapter 5. 4. [Para. 6-b-4] Temporary investments were purchased in the amount of $100,000. 5. [Para. 6-b-5] Checks were written and mailed to bondholders for bonds maturing on January 1, 2023, and to pay all bond interest due that day ($300,000 current portion of long term debt, plus an interest payment of $6,000. In the governmental activities general journal, debit Accrued Interest Payable for the interest payment as this amount was expensed on December 31, 2022, the end of the preceding fiscal year. 6. [Para. 6-b-6] Current taxes receivable were collected in the amount of $1,841,100. Also, delinquent taxes receivable were collected in the amount of $5,600, along with Interest and Penalties Receivable on Taxes of $4,550. 7. [Para. 6-b-7] Temporary investments were purchased in the amount of $200,000. 8. [Para. 6-b-8] Pay the $40,000 interest payment due on July 1, 2023. At the government-wide level, $1,000 was debited for amortization of the premium on bonds sold for the 2% serial bonds. 9. [Para. 6-b-9] Current taxes receivable of $58,140 were collected. b 10. [Para. 6-b-10] The uncollected balance of current taxes receivable and the related estimated uncollectible account were reclassified as delinquent. Interest and penalties of $3,000 were accrued, of which $150 was estimated to be uncollectible.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please prepare general
Do not give answer in image formate
![2. [Para. 6-b-2] Taxes were levied by the debt service fund in the amount of $1,938,000. Of this amount,
$38,000 was expected to be uncollectible. (NOTE: Total taxes billed was $1,938,000.)
3. [Para. 6-b-3] Cash in the amount of the $40,000 premium on the bonds sold on January 1, 2023 was
received and recorded in the debt service fund. NOTE: The credits for this entry in the governmental
activities general journal should have been made as part of the requirements for Chapter 5.
4. [Para. 6-b-4] Temporary investments were purchased in the amount of $100,000.
40% AL
5.
[Para. 6-b-5] Checks were written and mailed to bondholders for bonds maturing on January 1, 2023,
and to pay all bond interest due that day ($300,000 current portion of long term debt, plus an interest
payment of $6,000. In the governmental activities general journal, debit Accrued Interest Payable for the
interest payment as this amount was expensed on December 31, 2022, the end of the preceding fiscal
year.
6. [Para. 6-b-6] Current taxes receivable were collected in the amount of $1,841,100. Also, delinquent
taxes receivable were collected in the amount of $5,600, along with Interest and Penalties Receivable on
Taxes of $4,550.
stolyot
7. [Para. 6-b-7] Temporary investments were purchased in the amount of $200,000.
8. [Para. 6-b-8] Pay the $40,000 interest payment due on July 1, 2023. At the government-wide level, pall
$1,000 was debited for amortization of the premium on bonds sold for the 2% serial bonds.
9. [Para. 6-b-9] Current taxes receivable of $58,140 were collected.
10. [Para. 6-b-10] The uncollected balance of current taxes receivable and the related estimated
uncollectible account were reclassified as delinquent. Interest and penalties of $3,000 were accrued, of
which $150 was estimated to be uncollectible.
ello to
14.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1e65cb5b-c6a3-414b-a1c0-ec5c8c18c8b5%2F7fae0dc5-debc-4b4d-a0df-37c441967362%2Fv9uob1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. [Para. 6-b-2] Taxes were levied by the debt service fund in the amount of $1,938,000. Of this amount,
$38,000 was expected to be uncollectible. (NOTE: Total taxes billed was $1,938,000.)
3. [Para. 6-b-3] Cash in the amount of the $40,000 premium on the bonds sold on January 1, 2023 was
received and recorded in the debt service fund. NOTE: The credits for this entry in the governmental
activities general journal should have been made as part of the requirements for Chapter 5.
4. [Para. 6-b-4] Temporary investments were purchased in the amount of $100,000.
40% AL
5.
[Para. 6-b-5] Checks were written and mailed to bondholders for bonds maturing on January 1, 2023,
and to pay all bond interest due that day ($300,000 current portion of long term debt, plus an interest
payment of $6,000. In the governmental activities general journal, debit Accrued Interest Payable for the
interest payment as this amount was expensed on December 31, 2022, the end of the preceding fiscal
year.
6. [Para. 6-b-6] Current taxes receivable were collected in the amount of $1,841,100. Also, delinquent
taxes receivable were collected in the amount of $5,600, along with Interest and Penalties Receivable on
Taxes of $4,550.
stolyot
7. [Para. 6-b-7] Temporary investments were purchased in the amount of $200,000.
8. [Para. 6-b-8] Pay the $40,000 interest payment due on July 1, 2023. At the government-wide level, pall
$1,000 was debited for amortization of the premium on bonds sold for the 2% serial bonds.
9. [Para. 6-b-9] Current taxes receivable of $58,140 were collected.
10. [Para. 6-b-10] The uncollected balance of current taxes receivable and the related estimated
uncollectible account were reclassified as delinquent. Interest and penalties of $3,000 were accrued, of
which $150 was estimated to be uncollectible.
ello to
14.
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