Question

x b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2014 c. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31 2015

Answer 1

Entries in the Debt Service Fund Account Title & Explanation Debit Credit 2014 1 No Entry for sale of Bond Cash 10 Other Financing Sources Transfer In To record transfer of capital project fund premium in debt service fund) 12 13 14 15 16 17 18 19 20 21 2 Cash Other Financing Sources Transfer In To record amount received from General fund Expenditure Interest Cash To record payment of interest) 3 Other Financing Sources Transfer In Expenditure Interest 23 24 25 Fund Balance To record closing of accounts)

26 27 28 29 30 31 32 2015 4 Cash Other Financing Sources Transfer In To record amount received from General fund Expenditure Interest Expenditure Principal Cash To record payment of interest along with principal) 34 35 36 37 38 39 40 41 42 43 5 Cash 142500 Other Financing Sources Transfer In 142500 To record amount received from General fund Expenditure Interest To record payment of interest) 142500 Cash 142500 6 Other Financing Sources Transfer In 492500 Fund Balance 45 46 47 48 49 Expenditure Interest Expenditure Principal 292500 To record closing of accounts)

52 b) 53 54 Village of Harris Statement of Revenues, Expenditure and Changes in Fund Balance For the Year ended Dec. 31,2014 56 57 58 59 60 61 62 63 64 65 Revenues Expenditures Current Expenditure; 150000 Total Expenditures 150,000 (150,000) Excess (Deficiency) of Revenues Over Expenditures Other financing sources (uses) Transfer in From Capital Project Fund & General Fund Transfers out 200,000 200,000 50,000 50,000 Total other financing sources (uses) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 67 50,000 68

Village of Harris 69 C 70 71 72 73 74 75 76 Statement of Revenues, Expenditure and Changes in Fund Balance For the Year ended Dec. 31,2015 Revenues Expenditures Current Expenditure 542500 Total Expenditures 542,500 (542,500) Excess (Deficiency) of Revenues Over Expenditures Other financing sources (uses) Transfer in From Capital Project Fund & General Fund Transfers out 79 492,500 492,500 (50,000) (50,000) 50,000 Total other financing sources (uses) 81 82 83 84 85 86 87 Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31