City of Waco Highway Debt Service Fund Trial Balance December 31, 2017 Debit Credit Cash 60,000 Investments 30,000 Restricted fund balance 90,000 Total 90,000 90,000 The city council of Waco adopted the budget for the Debt Service Fund for 2018 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 The $500,000 transfer from the General Fund was recorded although it had not yet been paid to the Debt Service Fund 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 Property taxes of $780,000 were collected Property tax receivables of $5,000 were written off Income received in cash from investments totaled $5,000 Property taxes of $150,000 were collected The fund liability of $50,000 for interest on bonds was recorded, and that amount of cash was transferred to the fiscal agent Investment income of $3,000 was received in cash 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 The fiscal agents fee of $1,000 was accrued (credit Vouchers payable) Investment revenue of $1,500 was accrued The transfer accrued in transaction 2 was collected Investments totaling $1,000,000 were purchased (b) City of Waco Debt Service Fund Highway Bonds Fund Trial Balance December 31, 2018 Debits Credits Cash $xxxxxxx Property taxes receivable xxxxxxx Allowance for uncollectible property taxes $xxxxxxx Investments xxxxxxx Income receivable on investments xxxxxxx Vouchers payable xxxxxxx Restricted fund balance xxxxxxx Revenuesproperty taxes xxxxxxx Revenuesinvestments xxxxxxx Transfers in from General Fund xxxxxxx Expendituresinterest xxxxxxx Expendituresbond principal xxxxxxx Expendituresfiscal agent fees xxxxxxx Estimated revenues xxxxxxx Estimated other financing sources xxxxxxx Appropriations xxxxxxx Budgetary fund balance xxxxxxx $xxxxxxx $xxxxxxx

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Posted on Jul 22, 2024

City of Waco

Highway Debt Service Fund

Trial Balance

December 31, 2017

Debit Credit

Cash 60,000

Investments 30,000

Restricted fund balance 90,000

Total 90,000 90,000

The city council of Waco adopted the budget for the Debt Service Fund for 2018. 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.
The $500,000 transfer from the General Fund was recorded although it had not yet been paid to the Debt Service Fund.
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.
Property taxes of $780,000 were collected.
Property tax receivables of $5,000 were written off.
Income received in cash from investments totaled $5,000.
Property taxes of $150,000 were collected.
The fund liability of $50,000 for interest on bonds was recorded, and that amount of cash was transferred to the fiscal agent.
Investment income of $3,000 was received in cash.
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.
The fiscal agents fee of $1,000 was accrued (credit Vouchers payable).
Investment revenue of $1,500 was accrued.
The transfer accrued in transaction 2 was collected.
Investments totaling $1,000,000 were purchased.