As of December 31, 2022, Sandy Beach had $9,900,000 in 4.0 percent serial bonds outstanding. Cash of $535,000 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 a-1 Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following informatie and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund/Governmental Activities General Journal Debit Credit 1. The operating budget for FY 2023 consists of estimated revenues of $1,030,000 and estimated other financing sources equal to the amount of interest 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 Fund
As of December 31, 2022, Sandy Beach had $9,900,000 in 4.0 percent serial bonds outstanding. Cash of $535,000 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 a-1 Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following informatie and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund/Governmental Activities General Journal Debit Credit 1. The operating budget for FY 2023 consists of estimated revenues of $1,030,000 and estimated other financing sources equal to the amount of interest 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 Fund
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dd.104.
![Required information
[The following information applies to the questions displayed below]
As of December 31, 2022, Sandy Beach had $9,900,000 in 4.0 percent serial bonds outstanding. Cash of $535,000 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
a-1. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following informations
and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first
account field. Do not round intermediate calculations.)
Transaction
Fund/Governmental Activities
General Journal
Debit
Credit
1. The operating budget for FY 2023 consists of estimated revenues of $1,030,000 and estimated other financing sources equal to the amount of
interest to be paid in FY 2023. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1
1 Serial Bond Debt Service Fund
Governmental Activities
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
As of December 31, 2022, Sandy Beach had $9,900,000 in 4.0 percent serial bonds outstanding. Cash of $535,000 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
a-1. Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following informations
and transactions for FY 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first
account field. Do not round intermediate calculations.)
Transaction
Fund/Governmental Activities
General Journal
Debit
Credit
1. The operating budget for FY 2023 consists of estimated revenues of $1,030,000 and estimated other financing sources equal to the amount of
interest to be paid in FY 2023. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1
1 Serial Bond Debt Service Fund
Governmental Activities
< Prev
12 13 14
of 16
***
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