f. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (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 1. Record the budget transaction. Debt Service Fund 1 2. Record the transfer of funds. 2 Answer is complete but not entirely correct. General Journal Estimated Other Financing Sources-Transfers In Appropriations Debit Credit 142,500 142,500 Debt Service Fund Cash 23,750 Other Financing Sources-Interfund Transfers In 23,750

f. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2024, principal and interest payments will be included in the 2023 budget. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entry in the General Fund.) (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 1. Record the budget transaction. Debt Service Fund 1 2. Record the transfer of funds. 2 Answer is complete but not entirely correct. General Journal Estimated Other Financing Sources-Transfers In Appropriations Debit Credit 142,500 142,500 Debt Service Fund Cash 23,750 Other Financing Sources-Interfund Transfers In 23,750

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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