A). Prepare a balance sheet for the serial bond debt service fund as of December 31, 2008

B). Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2008

C). Prepare a schedule of revenues, expenditures and changes in fund balances budget and actual for the end of the year ended December 31, 2008

The necessary journal entries are provided below:

Serial Bond Debt Service Fund Journal Entries and Financial Statements. The Village of Vandalia Serial Bond Debt Service Fund balance sheet as of December 31, 2007, is presented below: VILLAGE OF VANDALIA Serial Bond Debt Service Fund Balance Sheet As of December 31, 2007 Assets Fund Balance Cash Inves Interest receivable on $253.000 50.000 2.000 $305,000 investments Total assets Fund balance $305,000 Additional information: The bonds were issued on January 1, 2007. During FY 2007 the General Fund transferred sufficient cash to the debt service fund to fi- nance the July 1, 2007, interest payment and to provide sufficient resources for timely payment of the January 1. 2008, interest and principal payments, plus an additional $50,000 that was invested as a financial cushion should tax collections be insufficient for future debt service. Beginning in FY 2008. property taxes will be levied in sufficient amounts each year to cover all future debt service pay- ments. (Note: Do not record any of the FY 2007 transactions and events. Rather proceed to the requirements listed below.) Required a. Prepare debt service fund entries in general journal form to reflect, as neces- sary, the following information and transactions for FY 2008 (ignore entries at the government-wide level)