1) (i)tax collection accounts (debit) 7,50,000$
debit service fund account (credit) 7,50,000$
(ii)debit fund service account (debit) 7,50,000$
outstanding serial bond account (credit) 6,00,000$
interest on outstanding serial bond account (credit) 1,50,000$
2) (i)Cash (debit) 5,000,000$
bonds payable (cr) 5,000,000$
(ii) bonds payable (dr) 5,000,000$
bond principal account (cr) 4,90,000$
premium account (cr) 1,00,000$
(iii) premium on bond account (dr) 1,00,000$
accrued interest account (dr)50,000$
cash(cr) 1,500,000$
3)
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of...
The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities. Mountain View issued $6 million worth of serial bonds at 98 plus accrued interest in the amount of $50,000. The premium and accrued interest were recorded in the Debt Service Fund. Accrued interest on bond sold must be used for interest payments. The city's General Fund collected and transferred $650,000 in tax collections to...
As of the fiscal year ending December 31, 2014, Crystal Beach had $10,000,000 in 6 percent serial bonds outstanding. The serial bonds pay interest semiannually on April 1 and October 1, with $500,000 in bonds being retired each April 1. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes annually to cover principal payments. Any excess is reserved for future debt service payments. Prepare debt service fundand governmental activitiesentries in...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20X0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
Scenario A: Budgeted and Actual Debt Service Transactions Rainbow City is authorized to issue $10,000,000 4% regular serial bonds in 20x0 for the construction of a new police station. The bonds mature in equal annual amounts beginning on January 1, 20X1, for 10 years and pay interest on January 1 and July 1. The funds to pay the interest will be transferred from the General Fund. The city’s fiscal year is December 31. Required: Prepare the budgetary entries for 20X0...
The Village of Hawksbill issued $4,400,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium (in the amount of $44,000)...
The Village of Hawksbill issued $4,700,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year 1. A capital projects fund transferred the premium in the amount of $94,000)...
Please bold answer in explanation The Village of Hawksbill issued $5,200,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium...
6-23. Serial Bond Debt Service Fund Journal Entries and Financial Statements. LO6-2, LO6-5) As of December 31, 2019, Sandy Beach had $9,500.000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The se- rial bonds pay interest semiannually on January I and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each of the following unrelated transactions. (The General Fund should not be used) (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
The City of Little River had the following transactions related to the construction of a new courthouse: January 2, 2017: 20-year, 6%, general-obligation serial bonds with a face value of $2,000,000 are issued at 101. Interest payments are made on January 1 and July 1 of each year. The premium was transferred into the debt-service fund. The general fund will fully fund each payment as it becomes due. March 1, 2017: Land is purchased for a new park at a...