Question: Hatcher Village, which operates on the calendar year, issued a 5-year, 8%, $100,000 note to the Bank of Hatcher on January 5, 20X4. The proceeds

Hatcher Village, which operates on the calendar year, issued a 5-year, 8%, $100,000 note to the Bank of Hatcher on January 5, 20X4. The proceeds of the note were recorded in a Capital Projects Fund. Interest and one-tenth of the principal are due semiannually, on January 5 and July 5, beginning July 5, 20X4. A DSF has been established to service this debt; financing will come from General Fund transfers and a small debt service tax approved several years ago. The net assets of the fund at year end are not restricted or committed.

Required

a. Prepare the general journal entries (budgetary and actual) needed to record the following transactions and events.

b. Prepare a balance sheet at December 31, 20X4, and a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year then ended for the DSF.

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a Hatcher Village 5Year Note Debt Service Fund General Journal No Accounts Dr Cr l Budgetary Entry Estimated General Fund Transfer 10000 Estimated Tax Revenues 18000 Appropriations 27600 Fund Balance ... View full answer

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