As of december 31, 2019, Sandy Beach had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service funds only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments.

a-2. Prepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Fund / Governmental Transaction General Journal Debit Credit Activties 6. Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) Serial Bond Debt Service Fund Record the entry to close the budgetary statement account. Budgetary Fund Balance 20,000 Appropriations 1,416,250 Estimated Other Financing Sources 416,250 Estimated Revenues 1,020,000 6b Record the entry for classifying uncollectible accounts. 6c Record the deferred inflows of resources. 6e Governmental Activities 191,250 ExpensesInterest on Long-term debt Interest Payable 191,250 6f Record the entry for classifying uncollectible accounts