Governmental accounting

Pacific County has a Serial Bond Debt Service Fund that was created to account for debt service activities related to an issue of serial bonds. The issue consists of 6% registered serial bonds, dated July 1, 20X5, with a total face amount of $3,500,000. The issue will mature in $500,000 installments annually, beginning July 1, 20X6. Interest on the new issue is to be paid semiannually on January 1 and July 1. For the fiscal year ending June 30,207, the attached transactions occurred. REQUIRED: Using the attached forms, record the above transactions, in proper general journal form, in the Serial Bond Debt Service Fund for the fiscal year 20X6-20X7. Omit explanations. Use the number of the transaction as the date. Round all calculations to the nearest whole dollar. PACIFIC COUNTY SERIAL BOND DEBT SERVICE FUND TRANSACTIONS FOR FISCAL YEAR 20X6-20X7 (1) The budget for the year was recorded. Estimated revenues, to be raised from taxes levied directly for this fund, were in the amount of one year's interest payments due January 1, 207 and July 1,207, and the first serial bond repayment. Appropriations were budgeted only for the amounts legally due during the fiscal year. (2) Taxes receivable were levied to yield the amount of estimated revenues, assuming 3 percent of the taxes would be uncollectible. (3) The amounts due to bondholders on July 1, 20X6 were paid. Assume that the fund transferred the appropriate amount of cash to the fiscal agent in the prior fiscal year. However, the county does not record the expenditures for interest and principal until they become legally due. (4) Ninety percent of the gross levy of taxes was collected. The remainder of the taxes receivable and the related Estimated Uncollectible Current Taxes account were classified as delinquent. (5) Cash in the amount of the January 1, 20X7, interest payment was transferred to the fiscal agent. The bondholders were then paid the interest due. The remaining cash on hand of $540,928 was invested in short term investments. (6) Interest on investments collected in cash during the year totaled $9,300. Interest on investments accrued at year end was $2,900 and will be received in cash in July 20X7. Interest and penalties receivable on taxes totaled $2,840, of which $600 is estimated to be uncollectible. \begin{tabular}{|l|l|l|} \hline (7) The cash for the amounts legally due on July 1, 20X7 were transferred to the fiscal agent. \\ (8) & Buge \end{tabular} (8) Budgetary and operating statement accounts for the year were closed. PACIFIC COUNTY SERIAL BOND DEBT SERVICE FUND BUDGET CALCULATIONS FOR FISCAL YEAR ENDING JUNE 30, 20X7 PACIFIC COUNTY SERIAL, BOND DEBT SERVICE FUND FOR FISCAL YEAR ENDING JUNE 30, 20X7