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Could you help provide a walkthrough on how to do this ? I don't give any walkthroughs in class :( I am not sure what
Could you help provide a walkthrough on how to do this ? I don't give any walkthroughs in class :(
I am not sure what the comment below is stating "invisible"? The pictures uploaded are screenshots from a question I need help on. You should be able to zoom in to see them clearly.
As of december 31, 2019, Sandy Beach had $9.500.000 in 45 percent serial bonds outstanding. Cash of $509.000 is the debt service fund's 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 quired 1. Prepare debt service fund and government-wide entries in general journal form to reflect as necessary, the following informatio and transactions for FY 2020. (If no entry is required for a transaction/event, select No Journal Entry Required" in the first account field. Do not round intermediate calculations.) ansaction Fund Governmental Actives General Journal Debit Credit The operating budget for FY 2020 consists of estimated revenues of $1020 000 and estimated other financing sources equal to the amount of erest to be paid in FY 2020. Appropriations must be provided for interest payments and bond redemptions on Vanuary and 1 Serial Bond Debt Service Fund Governmental Activities Cash was received from the General Fund and checks were written and waited for the January principal and interest payments 2 Serial Bond Debt Service Fund Record cash received from the general fund. 26 Record principal and interest paid 20 Governmental Activities Property taxes in the amount of $1 020 000 were levienosime for uncollectible account has been made Serial Bond Debt Service Fund 3. Property taxes in the amount of $1,020,000 were levied (no estimate for uncollectible accounts has been made 3 Serial Bond Debt Service Fund Governmental Activities 4. Property taxes in the amount of $1.019.000 were collected 4 Serial Bond Debt Service Fund Governmental Activities 5. Cash was received from the General Fund and checks were written and malled for the principal and interest payments 5a Serial Bond Debt Service Fund Record cash received from the general tund 5b Record principal and interest paid 5c Governmental Activities 1 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 ransaction Activies General Journal Debit Credit Adjusting entries were made and uncollected taxes receivable were reda Gelinquent und entries were also made to ose budgetary and operating statement accounts onore dosing entries in the government actvities. Journal Serial Bond Debt Service Fund Record the entry to close the budgetary statement account 60 Record the entry for classifying uncollectible accounts: 6 Record the deflow of sources 60 Record the enty to do the theme be Governmental Active 61 Record the entry for classifying uncollectible accountsStep by Step Solution
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