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

Development of an anti-fraud programa for-profit

Development of an Anti-Fraud Program A for-profit manufacturing organization loses a certain percentage of its annual revenue to fraud. Fraud occurs regardless of organizational size or type. Every organization is vulner ...

Tim and jill taylor are retiring this year tim has worked

Tim and Jill Taylor are retiring this year! Tim has worked for a utility company since his co-op job in college and has participated in all of the company's retirement savings plans. Jill has worked since their kids were ...

Jay maxey retired a few years ago at age 48 courtesy of the

Jay Maxey retired a few years ago at age 48, courtesy of the numerous stock options he had been granted while president of e-shops.com, an Internet start-up company. He soon moved to Montana to follow his dream of living ...

Practice questionsdescribe what is meant by the term cost

Practice questions: Describe what is meant by the term cost of goods sold and the importance of the calculation in arriving at a figure of gross profit. Answer should be illustrated with a worked example.

The balance of the 060 par common stock account for company

The balance of the $0.60 par Common Stock account for Company was $60,000 before its recent 3-for-1 stock split. The market price of the stock was $30 per share. What occurred as a result of the split? a. The par value p ...

Assignment detailsas at the 1stmay katy perry establishes a

Assignment Details: As at the 1stMay, Katy Perry establishes a new business Katie's Bridal Services as a sole trader. The business will hire out bridal gowns and other accessories as well as provide professional services ...

How can confidential data and information such as the wages

How can confidential data and information (such as the wages of individual employees) be kept confidential and yet still be available to managers who need them?

Accounting concepts and practices assignment-you are an

Accounting Concepts and Practices Assignment- You are an accountant at WCP Accountants & Investment Advisers. You have been approached by a client for your professional advice on investing in Woolworths Ltd. Your client ...

Accounting for business decisions group assignment the

Accounting for Business Decisions Group Assignment The assignment will require the group to undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage ...

1 under gasb rules for the financial reporting entitya

1. Under GASB rules for the financial reporting entity a. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate