Business, 28.11.2021 19:20 franco43

The following are a trial balance and the transactions that relate to the City of Waco’s Debt Service Fund: City of Waco
Highway Debt Service Fund
Trial Balance
December 31, 20
Debit Credit
Cash 60,000
Investments 30,000
Restricted fund balance 90,000
Total 90,000 90,000

1. The city council of Waco adopted the budget for the Debt Service Fund for 2018. The estimated revenues totaled $1,000,000, the estimated other financing sources (a transfer from the General Fund) totaled $500,000, and the appropriations totaled $202,000.
2. The $500,000 transfer from the General Fund was recorded although it had not yet been paid to the Debt Service Fund.
3. To provide additional resources to service the bond issue, a property tax was levied upon the citizens. The total levy was $1,000,000, of which $975,000 was expected to be collected.
4. Property taxes of $780,000 were collected.
5. Property tax receivables of $5,000 were written off.
6. Income received in cash from investments totaled $5,000.
7. Property taxes of $150,000 were collected.
8. The fund liability of $50,000 for interest on bonds was recorded, and that amount of cash was transferred to the fiscal agent.
9. Investment income of $3,000 was received in cash.
10. The fund liabilities for interest on bonds in the amount of $50,000 and principal in the amount of $100,000 were recorded, and cash for the total amount was transferred to the fiscal agent.
11. The fiscal agent’s fee of $1,000 was accrued (credit Vouchers payable).
12. Investment revenue of $1,500 was accrued.
13. The transfer accrued in transaction 2 was collected.
14. Investments totaling $1,000,000 were purchased.

Use the preceding information to do the following:

a) Prepare all the journal entries necessary to record these transactions for the Debt Service Fund.
b) Prepare a trial balance for the Debt Service Fund as of December 31, 2018.
c) Prepare a statement of revenues, expenditures, and changes in fund balance and a balance sheet as of December 31, 2018, for the Debt Service Fund (assume all fund balance is restricted).
d) Prepare closing entries for the Debt Service Fund.

Answers: 2

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The following are a trial balance and the transactions that relate to the City of Waco’s Debt Servic...

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