Prepare general journal entries, as necessary to record the following transactions in the debt service fund general journal and, if applicable, in the governmental activities general journal.

13) At December 31, 2020, accrued interest expense on the two outstanding bond issues was recorded in the governmental activities general journal. Amortization of the premium on the 3% bonds sold was also recorded in the amount of $3,125.

Required: Record the accrual in the governmental activities journal.

14) For the debt service fund only, make the entries needed to close the budgetary and operating statement accounts at the end of fiscal year 2020 and post them to the funds general ledger.

Information from before:

CITY OF BINGHAM Debt Service Fund Trial Balance As of December 31, 2019 Debits $950,000 85,000 Credits Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes nterest and Penalties Receivable on Taxes Allowance for Uncollectible Interest and Penalties Deferred Inflows of Resources Fund Balance-Restricted Totals $54,000 9,600 960 39,640 950,000 $1,044,600 $1,044,600 CITY OF BINGHAM Debt Service Fund Trial Balance As of December 31, 2019 Debits $950,000 85,000 Credits Cash Taxes Receivable-Delinquent Allowance for Uncollectible Delinquent Taxes nterest and Penalties Receivable on Taxes Allowance for Uncollectible Interest and Penalties Deferred Inflows of Resources Fund Balance-Restricted Totals $54,000 9,600 960 39,640 950,000 $1,044,600 $1,044,600