As of December 31, 2022, Sandy Beach has $9,500,000 in 3% serial bonds outstanding. Cash of $509,000 is the debt service fund's only asset as of December 31, 2022, there are no liabilities. The bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payments 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.

Prepare debt service fund and government wide entries in general journal form to reflect:

a. The operating budget for FY 2023 consists of estimated revenues of $1,020,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2023. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1.

b. Cash was received from the General Fund and checks were written and mailed for January 1 principal and interest payments.

c. Property taxes in the amount of $1,020,000 were levied 9no estimate for uncollectable accounts has been made).