Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

As of the fiscal year ending September 30, 2013, Crystal Beach had $10,000,000 in 5 percent serial bonds outstanding. The serial bonds pay interest semiannually on March 1 and September 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal are transferred from the General Fund, and the debt service fund levies property taxes annually to cover interest payments. Any excess is reserved for future debt service payments.

Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2014.
(1) The operating budget for FY 2014 consists of estimated revenues of $500,000 and estimated other financing sources equal to the amount of principal to be paid in FY 2014. Appropriations must be provided for interest payments and bond redemptions on March 1 and September 1.
(2) Property taxes in the amount of $500,000 were levied (no estimate for uncollectible accounts has been made).
(3) Property taxes in the amount of $500,000 were collected.
(4) Cash was received from the General Fund and checks were written and mailed for the March 1 principal and interest payments.
(5) Cash was received from the General Fund and checks were written and mailed for the September1 principal and interest payments.
(6) At the fund level, entries were made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947235

Have any Question? 


Related Questions in Accounting Basics

Accounting assignmentyour response should be 2-3 pages

Accounting Assignment YOUR RESPONSE SHOULD BE 2-3 PAGES COMPRISING BOTH RESEARCH CASES. Professional Research 1 Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is n ...

To make sure you are up to date on the special guidelines

To make sure you are up to date on the special guidelines the GASB has declared, your manager asked you to research GASB Statement No. 56. He also asked you to show him, side by side, how government accounting journal en ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Accounting case studyplease provide the answers to these

Accounting Case Study: Please provide the answers to these questions in the form of a paper. Please ensure the paper and all paper references are in APA format. CASE: Evaluating a Company's Budget Procedures. Tom Emory a ...

Using what youve learned from this phase compare accrual

Using what you've learned from this phase, compare accrual accounting to cash flow accounting. Discuss the strengths as weaknesses of each. Consider how each accounting system impacts a company's strategy formation and t ...

Part 1royal oak taxation advisory service has the following

PART 1 Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016 : Dec. 1 Commenced business by depositing $50 000 in a bank account in the name of the business 2 Bought a vehicle ...

Vaughn company reports the following financial information

Vaughn Company reports the following financial information before adjustments.   Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts   $3,890 Sales Revenue (all on credit)   800,700 Sales Returns and All ...

Excel spreadsheet and 1-2 pagesconsider the following

Excel Spreadsheet and 1-2 pages Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid ...

Principles of accountingthere are 10 questions each worth

Principles of Accounting There are 10 questions, each worth 10 points. Answer them fully and upload your document to the dropbox below. QUESTION 1 Harriet's Toy Shop had net sales of $852,000. The gross profit was $230,0 ...

Problem -a firm has the following probability distribution

Problem - A firm has the following probability distribution for annual losses due to vandalism. All amounts are before any tax consideration. The firm has a tax rate of 20%. Annual Losses Probability $ 0 .75 $ 4,000 .20 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro