Following are a trial balance and the transactions that relate to the City of Patin Heights' Debt Service Fund: CITY OF PATIN HEIGHTS Debt Service Fund Trial Balance December 31, 2021 Debits Credits Cash $60,000.00 Investments 30,000.00 Restricted fund balance $90.000.00 $90,000.00 $90,000.00 1. The city council of Patin Heights adopted the budget for the Debt Service Fund for 2022. The estimated revenues totaled $1,100,000, the estimated other financing sources (a transfer from the General Fund) totaled $550,000, and the appropriations totaled $222,200. 2. The $550,000 transfer from the General Fund was recorded although it had not yet been paid to the Debt Service Fund. 3. To provide additional resources to service the bond issue, a property tax was levied upon the citizens. The total levy was $1,100,000, of which $1,072,500 was expected to be collected. 4. Property taxes of $858,000 were collected. 5. Property tax receivables of $5,500 were written off. 6. Income received in cash from investments totaled $5,500. 7. Property taxes of $165,000 were collected. 8. The fund liability of $55,000 for interest on bonds was recorded, and that amount of cash was transferred to the fiscal agent. 9. Investment revenue of $3,300 was received in cash. 10. The fund liabilities for interest on bonds in the amount of $55,000 and principal in the amount of $110,000 were recorded, and cash for the total amount was transferred to the fiscal agent. 11. The fiscal agent's fee of $1,100 was accrued (credit Vouchers payable). 12. Investment revenue of $1,650 was accrued. 13. The transfer recorded in transaction 2 was collected. 14, Investments totaling $1,100,000 were purchased. Use the preceding information to do the following: a. Prepare all the journal entries necessary to record these transactions for the Debt Service Fund. b. Prepare a trial balance for the Debt Service Fund as of December 31, 2022. c. Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2022, and a balance sheet as of December 31, 2022, for the Debt Service Fund (assume all fund balance is restricted). d. Prepare closing entries for the Debt Service Fund. 4. 5. To record property tax levy To record receipts To write off receivables 6. 7. To record investment revenue To record receipts 8. To record payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 To record transfer to fiscal agent 9. 0 0 0 0 To record investment revenue 10. To record payable 0 0 0 0 0 0 0 0 0 0 0 OOO 0 To record transfer to fiscal agent 11. 0 0 0 0 To record payable 12. 0 0 0 0 Debt Service Fund Trial Balance December 31, 2022 Debits Credits Cash $ 0 0 Property taxes receivable 0 0 Allowance for uncollectible property taxes 0 $ 0 Investments 0 0 Investment revenue receivable 0 0 Vouchers payable 0 0 Restricted fund balance 0 0 Revenues-property taxes 0 0 Revenues-investments 0 0 Transfers in from General Fund 0 0 Expenditures-interest 0 0 Expenditures-bond principal 0 0 Expenditures-fiscal agent fees 0 0 Estimated revenues 0 0 Estimated other financing sources 0 0 Appropriations 0 0 Budgetary fund balance 0 0 $ 0 $ 0 City of Patin Heights Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2022 Revenues: Property taxes Investments Total revenues Expenditures: Interest Bond principal Fiscal agent fees Total expenditures Excess of revenues over expenditures Other financing sources: Transfer in from General Fund Net change in fund balance $ 0 0 0 0 0 0 0 0 0 0 Fund balance at beginning of year 0 Fund balance at end of year $ 0 Assets: City of Patin Heights Debt Service Fund Balance Sheet December 31, 2022 Cash $ 0 Property taxes receivable $ 0 Less allowance for uncollectible property taxes 0 0 Investments 0 Investment revenue receivable 0 Total assets $ 0 Liabilities and Fund Balance Liabilities: Vouchers payable Total liabilities Fund balance: Restricted for debt service Total liabilities and fund balance. Account To reverse budgetary accounts To close temporary accounts 0 $ 0 0 0 0 Debit Credit 0 0 0 000 0 0 0 0 0 0 0 0 0 0 0 : 0 0 0 0