ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 6, Problem 22EP

Debt Service Fund Trial Balance. (LO6-5) Following is Grant County’s debt service fund pre-closing trial balance for the fiscal year ended June 30.

Chapter 6, Problem 22EP, Debt Service Fund Trial Balance. (LO6-5) Following is Grant Countys debt service fund pre-closing

Required

Using information provided by the trial balance, answer the following.

  1. a.      Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year?
  2. b.      What is the budgetary fund balance?
  3. c.       Did the debt service fund pay debt obligations related to lease agreements? Explain.
  4. d.      Did the debt service fund perform a debt refunding? Explain.
  5. 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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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 Due from capital projects fund 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…

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