Please do not give solution in image format ?. The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2020 for the construction of a newexit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2021,for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums toservice the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end isDecember 31.Required1. Prepare the budgetary entries for 2020 assuming that the bonds were scheduled to be issued on January 2. Assumethat the January 1, 2021, principal and interest payments will be included in the 2021 budget. (If no entry is requiredfor a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediatecalculations.)TransactionFund1. Record the budget transaction.Debt Service FundShow Transcribed TextTransactionFund / GovernmentalActivties1. Record the premium and interest on issuance of bonds1Debt Service FundGovernmental ActivitiesShow Transcribed Text3TransactionFund1. Record the transfer of funds.1b. The bonds were sold on February 1, 2020, at 101. Prepare the journal entries needed to record the issuance of the bonds, includingthe entries required in the debt service fund and any entries required in the governmental activities general ledger at thegovernment-wide level. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first accountfield. Do not round intermediate calculations.)Debt Service FundGeneral Journalc3General JournalĆĈGeneral JournalDebitc. Prepare the entry required to reflect the transfer of funds from the General Fund to the debt service fund. (You may ignore the entryin 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.)CreditDebitDebitCreditCredit

Journal entry records the accounting transactions of a business in a journal book. All the business…

The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2020 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2021, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end is December 31.

The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2020 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2021, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's fiscal year-end is December 31.

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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