Question
The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building
The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city's office building to be used by individuals with disabilities. The estimated cost of the ramp is $219,000. On January 1, 20X2, a 10 percent, $156,000 bond issue was sold at 103 with the premium transferred to the debt service fund. At that date, the county board provided a $63,000 grant. After a period of negotiation, the city council awarded a construction contract for $174,000 on April 5, 20X2. The ramp was completed on August 8, 20X2; its actual cost was $184,000. The city council approved payment of the total actual cost of $184,000. In addition to the $184,000, the ramp was carpeted with all-weather material at a cost of $6,820. On November 3, 20X2, the city council gave the final approval to pay for the ramp and the carpeting. After all bills were paid, the remaining fund balance was transferred to the debt service fund.
The City of Waterman established a debt service fund to account for the financial resources used to service the bonds issued to finance the ramp is $219,000. The 10 percent, $156,000 bond issue was sold at 103 on January 1, 20X2. It is a 10-year serial bond issue. The resources to pay the interest and annual principal will be from a property tax levy.
Additional Information:
- The operating budget for 20X2 included estimated revenue of $37,600. Budgeted appropriations included $15,600 for principal, $15,600 for interest, and $4,500 for other items. The budget also included an estimated transfer in of $6,400 from the capital projects fund.
- The property tax levy was for $43,000 and an allowance for uncollectibles of $4,300 was established. Collections totaled $37,000. The remaining taxes were reclassified as delinquent and the allowance was reduced to $1,700. The bond premium was received from the capital projects fund.
- The current portion of the serial bonds and the interest due this year were recorded and paid. Other expenses charged to the debt service fund totaled $1,750, of which $1,330 was paid.
- The nominal accounts were closed.
Required:
a. Prepare entries for the debt service fund for 20X2.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Event General Journal Debit Credit
01 Estimated revenues control 37,600
Estimated other financing sources - transfer in 6,400
Appropriations control 35,700
Budgetary fund balance 8,300
2a Property taxes receivable 43,000
Allowance for uncollectibles 4,300
Revenue - property tax 38,700
2b Cash 37,000
Property taxes receivable 37,000
2c Property taxes receivable delinquent 6,000
Allowance for uncollectibles 4,300
Property taxes receivable 6,000
Allowance for uncollectibles - delinquent 1,700
Revenue - property tax 2,600
2d Cash 4,680
Other financing sources - transfer in from capital projects fund 4,680
3a Expenditures 31,200
Matured bonds payable 15,600
Matured interest payable 15,600
3b Matured bonds payable 15,600
Matured interest payable 15,600
Cash 31,200
3c Expenditures 1,750
Vouchers payable 1,750
3d Vouchers payable 1,330
Cash 1,330
3e Cash
Other financing sources - transfer in from capital projects fund
4a Appropriations control 35,700
Budgetary fund balance 8,300
Estimated revenues control 37,600
Estimated other financing sources - transfer in 6,400
4b Revenue - property tax 41,300
Other financing sources - transfer in from capital projects fund
Fund balance - assigned for debt service
Expenditures 32,950
Please tell me the numbers missing in 3e and 4b. This question doesn't need graphs, other data, link or materials, and it's a complete question. Thank you.
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