10. To record payable To record transfer to fiscal agent \begin{tabular}{|l|l|} \hline 11. & \\ \hline & \\ \hline & To record payable \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 12. & \\ \hline & \\ \hline & To accrue interest \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 13. & \\ \hline & \\ \hline & To record receipt \\ \hline \end{tabular} 14. To record investment purchase City of Patin Heights Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2022 Revenues: Property taxes Investments Total revenues Expenditures: Interest Bond principal Fiscal agent fees Total expenditures Excess of revenues over expenditures Other financing sources: Transfer in from General Fund Net change in fund balance Fund balance at beginning of year Fund balance at end of year $ \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{CityofPatinHeightsDebtServiceFundTrialBalanceDecember31,2022} \\ \hline & Debits & Credits \\ \hline Cash & $ & \\ \hline \multicolumn{3}{|l|}{ Property taxes receivable } \\ \hline Allowance for uncollectible property taxes & & $ \\ \hline \multicolumn{3}{|l|}{ Investments } \\ \hline \multicolumn{3}{|l|}{ Investment revenue receivable } \\ \hline \multicolumn{3}{|l|}{ Vouchers payable } \\ \hline \multicolumn{3}{|l|}{ Restricted fund balance } \\ \hline \multicolumn{3}{|l|}{ Revenues-property taxes } \\ \hline \multicolumn{3}{|l|}{ Revenues-investments } \\ \hline \multicolumn{3}{|l|}{ Transfers in from General Fund } \\ \hline \multicolumn{3}{|l|}{ Expenditures-interest } \\ \hline \multicolumn{3}{|l|}{ Expenditures_bond principal } \\ \hline \multicolumn{3}{|l|}{ Expenditures-fiscal agent fees } \\ \hline \multicolumn{3}{|l|}{ Estimated revenues } \\ \hline \multicolumn{3}{|l|}{ Estimated other financing sources } \\ \hline \multicolumn{3}{|l|}{ Appropriations } \\ \hline \multicolumn{3}{|l|}{ Budgetary fund balance } \\ \hline & $ & $ \\ \hline \end{tabular} \begin{tabular}{l|l|l} \multicolumn{1}{c}{CityofPatinHeightsDebtServiceFundBalanceSheetDecember31,2022} \\ \hline Assets: & & \\ \hline Cash & $ & \\ \hline Property taxes receivable & & \\ \hline Less allowance for uncollectible property taxes & & \\ \hline Investments & & \\ \hline Investment revenue receivable & \\ \hline Total assets & & \\ \hline Liabilities and Fund Balance & \\ \hline Liabilities: & & \\ \hline Vouchers payable & \\ \hline Total liabilities & \\ \hline Fund balance: & \\ \hline Restricted for debt service & \\ \hline Total liabilities and fund balance & \\ \hline \hline \end{tabular} Journal entries, financial statements, and closing entries for a Debt Service Fund Following are a trial balance and the transactions that relate to the City of Patin Heights' Debt Service Fund: 1. The city council of Patin Heights adopted the budget for the Debt Service Fund for 2022. 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 revenue 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 recorded 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, 2022. d. Prepare closing entries for the Debt Service Fund. 10. To record payable To record transfer to fiscal agent \begin{tabular}{|l|l|} \hline 11. & \\ \hline & \\ \hline & To record payable \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 12. & \\ \hline & \\ \hline & To accrue interest \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 13. & \\ \hline & \\ \hline & To record receipt \\ \hline \end{tabular} 14. To record investment purchase City of Patin Heights Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2022 Revenues: Property taxes Investments Total revenues Expenditures: Interest Bond principal Fiscal agent fees Total expenditures Excess of revenues over expenditures Other financing sources: Transfer in from General Fund Net change in fund balance Fund balance at beginning of year Fund balance at end of year $ \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{CityofPatinHeightsDebtServiceFundTrialBalanceDecember31,2022} \\ \hline & Debits & Credits \\ \hline Cash & $ & \\ \hline \multicolumn{3}{|l|}{ Property taxes receivable } \\ \hline Allowance for uncollectible property taxes & & $ \\ \hline \multicolumn{3}{|l|}{ Investments } \\ \hline \multicolumn{3}{|l|}{ Investment revenue receivable } \\ \hline \multicolumn{3}{|l|}{ Vouchers payable } \\ \hline \multicolumn{3}{|l|}{ Restricted fund balance } \\ \hline \multicolumn{3}{|l|}{ Revenues-property taxes } \\ \hline \multicolumn{3}{|l|}{ Revenues-investments } \\ \hline \multicolumn{3}{|l|}{ Transfers in from General Fund } \\ \hline \multicolumn{3}{|l|}{ Expenditures-interest } \\ \hline \multicolumn{3}{|l|}{ Expenditures_bond principal } \\ \hline \multicolumn{3}{|l|}{ Expenditures-fiscal agent fees } \\ \hline \multicolumn{3}{|l|}{ Estimated revenues } \\ \hline \multicolumn{3}{|l|}{ Estimated other financing sources } \\ \hline \multicolumn{3}{|l|}{ Appropriations } \\ \hline \multicolumn{3}{|l|}{ Budgetary fund balance } \\ \hline & $ & $ \\ \hline \end{tabular} \begin{tabular}{l|l|l} \multicolumn{1}{c}{CityofPatinHeightsDebtServiceFundBalanceSheetDecember31,2022} \\ \hline Assets: & & \\ \hline Cash & $ & \\ \hline Property taxes receivable & & \\ \hline Less allowance for uncollectible property taxes & & \\ \hline Investments & & \\ \hline Investment revenue receivable & \\ \hline Total assets & & \\ \hline Liabilities and Fund Balance & \\ \hline Liabilities: & & \\ \hline Vouchers payable & \\ \hline Total liabilities & \\ \hline Fund balance: & \\ \hline Restricted for debt service & \\ \hline Total liabilities and fund balance & \\ \hline \hline \end{tabular} Journal entries, financial statements, and closing entries for a Debt Service Fund Following are a trial balance and the transactions that relate to the City of Patin Heights' Debt Service Fund: 1. The city council of Patin Heights adopted the budget for the Debt Service Fund for 2022. 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 revenue 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 recorded 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, 2022. d. Prepare closing entries for the Debt Service Fund