a-2. Prepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field. Do not round intermediate calculations.)TransactionFund/ Governmental ActivitiesGeneral JournalDebitCredit6. Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetaryand operating statement accounts. (Ignore closing entries in the government activities journal.)6aSerial Bond Debt Service FundRecord the entry to close the budgetary statement account.6b6c6dбе6fGovernmental ActivitiesRecord the entry for classifying uncollectible accounts.Record the deferred inflows of resources.Record the entry to close the operating statement account.Record the entry for classifying uncollectible accounts. 12Part 1 of 3Required information[The following information applies to the questions displayed below.]As of December 31, 2022, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is thedebt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interestsemiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources forpayment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amountsufficient to cover principal payments.Requireda-1. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following informationand transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field. Do not round intermediate calculations.)TransactionFund / Governmental ActivtiesGeneral JournalDebitCredit1. The operating budget for FY 2023 consists of estimated revenues of $1,100,000 and estimated other financing sources equal to the amount ofinterest to be paid in FY 2023. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.Serial Bond Debt Service Fund12. Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments.2a Serial Bond Debt Service FundRecord cash received from the general fund.2b2cGovernmental ActivitiesGovernmental Activities3. Property taxes in the amount of $1,100,000 were levied (no estimate for uncollectible accounts has been made).Serial Bond Debt Service Fund35b5cGovernmental Activities4. Property taxes in the amount of $1,098,000 were collected.4Serial Bond Debt Service FundRecord principal and interest paid.Governmental Activities5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments.5a Serial Bond Debt Service FundRecord cash received from the general fund.Governmental ActivitiesRecord principal and interest paid.

Governmental accounting deals with the recording of governmental activities, it records income and…

As of December 31, 2022, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.

As of December 31, 2022, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 476,000 Taxes Receivable—Delinquent 601,000 Allowance for Uncollectible Delinquent Taxes $ 189,120 Interest and Penalties Receivable 28,080 Allowance for Uncollectible Interest and Penalties 12,960 Inventory of Supplies 17,900 Vouchers Payable 166,500 Due to Federal Government 77,490 Deferred Inflows of Resources—Unavailable Revenues 427,000 Fund Balance—Nonspendable—Inventory of Supplies 17,900 Fund Balance—Unassigned 232,010 $ 1,122,980 $ 1,122,980 Prepare a General Fund balance sheet as of June 30, 2020.
The Town Debt Service Fund accumulates resources to pay its $3 million general obligation debt. The debt is payable in equal annual installments of principal over 20 years with 5% interest on the unpaid principal. Prepare journal entries to record the following transactions in the Debt Service Fund. The Town levies a special property tax amounting to $550,000 to pay debt service on its long-term general obligation debt. The tax must be accounted for in the Debt Service Fund. All the property taxes levied for debt service purposes are collected. The Town invests $250,000 in a six-month certificate of deposit. Debt service (interest of $150,000 and principal of $150,000) becomes due and payable. The debt service liabilities from 4. are paid. The certificate of deposit in 3. matures and the Town receives a total of $261,000.
D4. As of december 31, 2019, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.
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3. City 'A' issued OMR 2,750,000, 1.5 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 102. The city is required to use all accrued interest and premiums to service the debt. Any additional resources needed to service the debt are to come from the General Fund. The city's year-end is December 31. Required: Prepare form the budgetary entry the debt service fund would make to account for this serial bond issue. in general journal
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1. The General Fund collected $625,000 in accrued taxes, which was transferred to the debt service fund; $400,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. Required: Record the transection under General Fund and debt service fund
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As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each Interest payment date. Resources for payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Appropriations Expenditures: Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Increase in Fund Balance 0 0 0 Fund Balance, January 1, 2023 Fund Balance,…
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