Please bold answer in explanation
Answer :-
A.
General Journal | Debit | Credit | |
2019 | |||
1 | No Entry For Bond Sale– Recorded In Capital Projects Fund | ||
Cash | $104,000 | ||
Other Financing Sources - Transfers In | $104,000 | ||
2 | Cash | $130,000 | |
Other Financing Sources - Transfers In | $130,000 | ||
Expenditures-Interest | $130,000 | ||
Cash | $130,000 | ||
3 | Other Financing Sources - Transfers In | $234,000 | |
Expenditures-Interest | $130,000 | ||
Fund Balance | $104,000 | ||
2020 | |||
4 | Cash | $286,000 | |
Other Financing Sources - Transfers In | $286,000 | ||
Expenditures-Interest | $130,000 | ||
Expenditures-Principal | $260,000 | ||
Cash | $390,000 | ||
5 | Cash | $123,500 | |
Other Financing Sources - Transfers In | $123,500 | ||
Expenditures-Interest | $123,500 | ||
Cash | $123,500 | ||
6 | Other Financing Sources - Transfers In | $409,500 | |
Fund Balance | $104,000 | ||
Expenditures-Interest | $253,500 | ||
Expenditures-Principal | $260,000 |
Calculation
Entry #2 :
2019 Expenditures-Interest = =$5,200,000*5%*6/12 = $130,000
Entry #5 :
2020 Expenditures-Interest = ($5,200,000 - $260,000) * 5% * 6/12 = $123,500
B.
Village Of Hawksbill | |
Statement Of Revenues, Expenditures, And Changes In Fund Balance Year Ended December 31, 2019 | |
Revenues: | |
Total Revenues | 0 |
Debt Service Expenditures: | |
Interest | $130,000 |
Principal | 0 |
Excess (Deficiency) Of Revenues Over Expenditures | -$130,000 |
Other Financing Sources: | |
Transfers In: | $234,000 |
Total Change In Fund Balance | $104,000 |
Fund Balance - January 1, 2019 | 0 |
Fund Balance - December 31, 2019 | $104,000 |
Calculation
Excess (Deficiency) Of Revenues Over Expenditures = Total Revenues - Debt Service Expenditures = 0 - $130,000 = -$130,000
Total Change In Fund Balance = Excess (Deficiency) Of Revenues Over Expenditures + Transfers In = -$130,000 + $234,000 = $104,000
C.
Village Of Hawksbill | |
Statement Of Revenues, Expenditures, And Changes In Fund Balance Year Ended December 31, 2020 | |
Revenues: | |
Total Revenues | 0 |
Debt Service Expenditures: | |
Interest | $253,500 |
Principal | $260,000 |
Excess (Deficiency) Of Revenues Over Expenditures | -$513,500 |
Other Financing Sources: | |
Transfers In: | $409,500 |
Total Change In Fund Balance | ($104,000) |
Fund Balance - January 1, 2020 | $104,000 |
Fund Balance - December 31, 2020 | $0 |
Excess (Deficiency) Of Revenues Over Expenditures = Total Revenues - Debt Service Expenditures = 0 - ($253,500 +$260,000) = -$513,500
Total Change In Fund Balance = Excess (Deficiency) Of Revenues Over Expenditures + Transfers In = -$513,500 + $409,500 = -$104,000.
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