Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 6, Problem 22EP
Debt Service Fund
Required
Using information provided by the trial balance, answer the following.
- a. Assuming the budget was not amended, what was the budgetary
journal entry recorded at the beginning of the fiscal year? - b. What is the budgetary fund balance?
- c. Did the debt service fund pay debt obligations related to lease agreements? Explain.
- d. Did the debt service fund perform a debt refunding? Explain.
- e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30.
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Students have asked these similar questions
The following adjusted trial balance is taken from the General Fund of Avon City for the year ended June 30. Prepare a (post-closing) Balance sheet.
Allowance for uncollectible taxes
Cash
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Due to debt service fund
Encumbrances
Encumbrances outstanding
Expenditures
Fund Balance, nonspendable
Fund Balance, unassigned
Inventory of supplies
Other financing sources -- bond proceeds
Other financing uses -- transfers out
Revenues
Taxes receivable
Unearned (unavailable) grant revenues
Vouchers payable
5,000
121,000
32,000
19,000
23,000
23,000
57,000
9,000
14,000
9,000
18,000
12,000
130,000
25,000
38,000
23,000
DO NOT GIVE SOLUTION IN IMAGE
Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements.
Deferred property taxes at the end of the year was $92.
Following is Grant County's debt service fund pre-closing trial balance for the fiscal year ended June 30.
GRANT COUNTY
Debt Service Fund
Pre-closing Trial Balance
June 30
Cash
Investments
Fund Balance-Restricted
Budgetary Fund Balance
Estimated Other Financing Sources
Estimated Revenue
Revenue-Sales Taxes
Revenue-Investment Earnings
Other Financing Sources-Interfund Transfers In
Other Financing Sources-Proceeds of Refunding Bonds
Appropriations
Estimated Other Financing Uses
Expenditures-Bond Interest
Expenditures-Bond Principal
Other Financing Uses-Payment to Escrow Agent
Using Information provided by the trial balance, answer the following.
Debits
Credits
$ 295,000
64,000
$ 63,600
?
6,165,000
2,614,500
1,479,400
13,000
176,000
7,370,000
7,370,000
1,373,000
503,000
870,000
7,370,000
Required
e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30.
(Negative amounts should be Indicated by a minus sign.)
GRANT…
Chapter 6 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 6 - Prob. 1QCh. 6 - What disclosures about long-term liabilities are...Ch. 6 - Prob. 3QCh. 6 - Prob. 4QCh. 6 - Although the most common type of general long-term...Ch. 6 - What is overlapping debt? Why would a citizen care...Ch. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - How are debt issuance costs accounted for at the...Ch. 6 - Under what circumstances might a government...
Ch. 6 - Prob. 11CCh. 6 - A citizens group in your state has placed an...Ch. 6 - A county government and a legally separate...Ch. 6 - Prob. 14CCh. 6 - Evaluating Legal Debt Margins. (LO6-2) Youll be...Ch. 6 - Prob. 17.1EPCh. 6 - Proceeds from bonds issued to construct a new city...Ch. 6 - The liability for long-term debt issued to finance...Ch. 6 - Which one of the following statements regarding...Ch. 6 - Prob. 17.5EPCh. 6 - On March 2, 2020, 20-year, 6 percent, general...Ch. 6 - Prob. 17.7EPCh. 6 - Prob. 17.8EPCh. 6 - The liability for special assessment bonds for...Ch. 6 - Total general long-term indebtedness subject to...Ch. 6 - Payment of general obligation bond interest would...Ch. 6 - Debt issuance costs a. Include legal and...Ch. 6 - If bonds are sold at a premium: a. The premium is...Ch. 6 - Prob. 17.14EPCh. 6 - Prob. 17.15EPCh. 6 - Prob. 18EPCh. 6 - Budgeted and Actual Debt Service Transactions....Ch. 6 - Lease Agreement. (LO6-5) McCormick County agreed...Ch. 6 - Legal Debt Margin and Direct and Overlapping Debt....Ch. 6 - Debt Service Fund Trial Balance. (LO6-5) Following...Ch. 6 - Prob. 23EPCh. 6 - Term Bond Debt Service Fund Transactions. (LO6-5)...Ch. 6 - Prob. 25EP
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