Prepare debt government-wide entries and service fund

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Reference no: EM133137

Question :

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

Prepare debt government-wide entries and service fund in general journal form to reflect, as required, the subsequent information and transactions for FY 2014.

(1) The operating budget for FY 2014 consists of computed revenues of $500,000 and estimated other financing sources equal to the amount of principal to be paid in FY 2014. Appropriations have to be provided for interest payments and bond redemptions on 1st March and 1st September.

(2) Property taxes in the amount of $500,000 were levied (no estimation for uncollectible accounts has been made).

(3) Property taxes in the amount of $500,000 were collected.

(4) Cash was received from the checks and General Fund was written and mailed for the 1st March principal and interest payments.

(5) Cash was received from the checks and General Fund was written and mailed for the 1st September principal and interest payments.

(6) At the fund level, entries were made to close operating and budgetary statement accounts. (Ignore closing entries in the government activities journal.)

Reference no: EM133137

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