PLEASE ANSWER ONLY THE RED X'S. SPECIFICALLY QUESTIONS 6C AND 6F.

Answer is complete and correct. Fund / Transaction Governmental General Journal Debit Credit Activties 1. The operating budget for FY 2020 consists of estimated revenues of $1,070,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2020. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. Serial Bond Debt 1 Service Fund Estimated Other Financing Sources 447,500 Estimated Revenues 1,070,000 Appropriations 1,447,500 Budgetary Fund Balance 70,000 Governmental Activities No Journal Entry Required 2. Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. 2a Serial Bond Debt Service Fund Record cash received from the general fund. Cash 230,000 Other Financing SourcesInterfund 230,000 Transfers In 2b Record principal and interest paid. ExpendituresInterest ExpendituresPrincipal Cash 3 230,000 500,000 730,000 2c Governmental Activities > Interest Payable Bonds Payable Cash 230,000 500,000 730,000 3. Property taxes in the amount of $1,070,000 were levied (no estimate for uncollectible accounts has been made). 3 Serial Bond Debt Service Fund Taxes ReceivableCurrent 1,070,000 Revenues 1,070,000 So So Governmental Activities 1,070,000 Taxes ReceivableCurrent General RevenuesProperty Taxes 1,070,000 4. Property taxes in the amount of $1,069,000 were collected. Serial Bond Debt 4 Cash Service Fund Taxes ReceivableCurrent 1,069,000V 1,069,000 Governmental Activities Cash 1,069,000 Taxes Receivable-Current 1,069,000 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. Serial Bond Debt 5 Record cash received from the general fund. Service Fund Cash 217,500 nther Cinansine Carrean Intarfend 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. Serial Bond Debt 5 Service Fund Record cash received from the general fund. Cash 217,500 Other Financing Sources-Interfund 217,500 Transfers In 5b Record principal and interest paid. ExpendituresInterest ExpendituresPrincipal Cash 217,500 500,000 717,500 5C Governmental Activities 217,500 Expenses-Interest on Long-term debt Bonds Payable Cash 500,000 717,500 a-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 / Transaction Governmental General Journal Debit Credit Activties 6. Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) Serial Bond Debt Service Fund Record the entry to close the budgetary statement account. Budgetary Fund Balance 70,000 Appropriations 1,447,500 Estimated Other Financing Sources 447,500 Estimated Revenues 1,070,000 6b Record the entry for classifying uncollectible accounts. Taxes Receivable-Delinquent 1,000 Taxes Receivable Current 1,000 6C Record the deferred inflows of resources. No Journal Entry Required x 6d Record the entry to close the operating statement account. Other Financing SourcesInterfund Transfers In 447,500 Revenues 1,069,000 ExpendituresInterest ExpendituresPrincipal Fund Balance-Restricted 447,500 1,000,000 69,000 Governmental Activities 205,000 ExpensesInterest on Long-term debt Interest Payable 205,000 6f Record the entry for classifying uncollectible accounts. No Journal Entry Required X Answer is complete and correct. Fund / Transaction Governmental General Journal Debit Credit Activties 1. The operating budget for FY 2020 consists of estimated revenues of $1,070,000 and estimated other financing sources equal to the amount of interest to be paid in FY 2020. Appropriations must be provided for interest payments and bond redemptions on January 1 and July 1. Serial Bond Debt 1 Service Fund Estimated Other Financing Sources 447,500 Estimated Revenues 1,070,000 Appropriations 1,447,500 Budgetary Fund Balance 70,000 Governmental Activities No Journal Entry Required 2. Cash was received from the General Fund and checks were written and mailed for the January 1 principal and interest payments. 2a Serial Bond Debt Service Fund Record cash received from the general fund. Cash 230,000 Other Financing SourcesInterfund 230,000 Transfers In 2b Record principal and interest paid. ExpendituresInterest ExpendituresPrincipal Cash 3 230,000 500,000 730,000 2c Governmental Activities > Interest Payable Bonds Payable Cash 230,000 500,000 730,000 3. Property taxes in the amount of $1,070,000 were levied (no estimate for uncollectible accounts has been made). 3 Serial Bond Debt Service Fund Taxes ReceivableCurrent 1,070,000 Revenues 1,070,000 So So Governmental Activities 1,070,000 Taxes ReceivableCurrent General RevenuesProperty Taxes 1,070,000 4. Property taxes in the amount of $1,069,000 were collected. Serial Bond Debt 4 Cash Service Fund Taxes ReceivableCurrent 1,069,000V 1,069,000 Governmental Activities Cash 1,069,000 Taxes Receivable-Current 1,069,000 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. Serial Bond Debt 5 Record cash received from the general fund. Service Fund Cash 217,500 nther Cinansine Carrean Intarfend 5. Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. Serial Bond Debt 5 Service Fund Record cash received from the general fund. Cash 217,500 Other Financing Sources-Interfund 217,500 Transfers In 5b Record principal and interest paid. ExpendituresInterest ExpendituresPrincipal Cash 217,500 500,000 717,500 5C Governmental Activities 217,500 Expenses-Interest on Long-term debt Bonds Payable Cash 500,000 717,500 a-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 / Transaction Governmental General Journal Debit Credit Activties 6. Adjusting entries were made and uncollected taxes receivable were reclassified as delinquent. At the fund level, entries were also made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.) Serial Bond Debt Service Fund Record the entry to close the budgetary statement account. Budgetary Fund Balance 70,000 Appropriations 1,447,500 Estimated Other Financing Sources 447,500 Estimated Revenues 1,070,000 6b Record the entry for classifying uncollectible accounts. Taxes Receivable-Delinquent 1,000 Taxes Receivable Current 1,000 6C Record the deferred inflows of resources. No Journal Entry Required x 6d Record the entry to close the operating statement account. Other Financing SourcesInterfund Transfers In 447,500 Revenues 1,069,000 ExpendituresInterest ExpendituresPrincipal Fund Balance-Restricted 447,500 1,000,000 69,000 Governmental Activities 205,000 ExpensesInterest on Long-term debt Interest Payable 205,000 6f Record the entry for classifying uncollectible accounts. No Journal Entry Required X