The following information applies to the questions displayed As of December 31, 2019, Sandy Beach had $9.200,000 in 50 percent serial bonds outstanding Cash of $490,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1 with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments 3-2. 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 Governmental Transaction Activties General Journal Debit Credit 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.) 63 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 6c Record the deferred inflows of resources 60 Record the entry to close the operating statement account Se Governmental Activities Expenses Interest on Long-term debt Pinterest Payable 205,000 205,000 61 Record the entry for classifying uncollectible accounts Taxes Receivable - Delinquent Taxes Receivable Current 1,000 1,000 The following information applies to the questions displayed As of December 31, 2019, Sandy Beach had $9.200,000 in 50 percent serial bonds outstanding Cash of $490,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1 with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments 3-2. 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 Governmental Transaction Activties General Journal Debit Credit 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.) 63 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 6c Record the deferred inflows of resources 60 Record the entry to close the operating statement account Se Governmental Activities Expenses Interest on Long-term debt Pinterest Payable 205,000 205,000 61 Record the entry for classifying uncollectible accounts Taxes Receivable - Delinquent Taxes Receivable Current 1,000 1,000
