Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ? Required Information[The following information applies to the questions displayed below.]As of December 31, 2022, Sandy Beach had $9,000,000 in 7.0 percent serial bonds outstanding. Cash of$444,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. Theserial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired oneach 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.Requireda-1. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the followinginformation and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal EntryRequired" In the first account fleld. Do not round Intermediate calculations.)TransactionFund / Governmental ActivtiesGeneral JournalDebitCredit1. The operating budget for FY 2023 consists of estimated revenues of $1,090,000 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 Fund1Estimated Other Financing SourcesEstimated Revenues2bGovernmental Activities2c2. 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.CashOther Financing Sources-Interfund Transfers InGovernmental ActivitiesAppropriationsBudgetary Fund BalanceGovernmental ActivitiesNo Journal Entry RequiredGovernmental ActivitiesRecord principal and interest paid.Expenditures-Bond InterestExpenditures-Bond PrincipalCash3. Property taxes in the amount of $1,090,000 were levied (no estimate for uncollectible accounts has been made).Serial Bond Debt Service Fund3Taxes Receivable-CurrentRevenuesInterest PayableBonds PayableCashTaxes Receivable-CurrentRevenues4. Property taxes in the amount of $1,085,000 were collected.Serial Bond Debt Service Fund4CashTaxes Receivable-Current1,090,000No Journal Entry Required315,0001,090,0001,000,0001,085,000315,0001,000,0001,090,0001,085,000 5b5c5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments.Serial Bond Debt Service Fund5aRecord cash received from the general fund.CashOther Financing Sources-Interfund Transfers In6bGovernmental Activitiesбо6dGovernmental ActivitiesбеNo Journal Entry Requireda-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.)CTransactionFund / Governmental ActivtiesGeneral 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.Budgetary Fund BalanceAppropriationsEstimated Other Financing SourcesEstimated RevenuesGovernmental ActivitiesRecord principal and interest paid.Expenditures-Bond InterestExpenditures-Bond PrincipalCashExpenses-Interest on Long-term debtBonds PayableCashRecord the entry for classifying uncollectible accounts.Record the deferred inflows of resources.Taxes Receivable-DelinquentTaxes Receivable-DelinquentRecord the entry to close the operating statement account.

A serial bond debt service fund is a type of fund that is established to manage the repayment of a…

As of December 31, 2022, Sandy Beach had $9,000,000 in 7.0 percent serial bonds outstanding. Cash of $444,000 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 $9,000,000 in 7.0 percent serial bonds outstanding. Cash of $444,000 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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