Solution-Record the transactions in the General Ledger of

Record the transactions in the General Ledger of the DSF

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Reference no: EM132351148

Question - Journal Entries - School District DSF

Guerrero Independent School District entered into the following transactions related to its McFadyen Elementary School Bonds DSF during the 20X9 fiscal year. Record the transactions in the General Ledger of the DSF.

1. Property taxes restricted for payment of principal and interest on the McFadyen Elementary School Bonds were levied and collected, $15,000,000.

2. The school district purchased investments costing $14,500,000 for the DSF.

3. The school district collected $7,000,000 from maturing investments.

4. Principal of $4,900,000 and interest of $2,400,000 came due on the bonds and were paid.

5. The school district received interest of $600,000 on the DSF investments.

6. The school district collected $7,000,000 from maturing investments.

7. Principal of $4,900,000 and interest of $2,160,000 came due on the bonds and were paid.

The next payment of principal and interest (which will be $1,920,000} will mature on February 15 of the next fiscal year.

8. The fair value of the school district's investment declined by $136,000 during the year.

Reference no: EM132351148

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Record the transactions in the General Ledger of the DSF

Reference no: EM132351148

Reference no: EM132351148

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