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[The following information applies to the questions displayed below.] Following is Grant Countys debt service fund pre-closing trial balance for the fiscal year ended June
[The following information applies to the questions displayed below.] |
Following is Grant Countys debt service fund pre-closing trial balance for the fiscal year ended June 30, 2017. |
GRANT COUNTY | ||||||
Debt Service Fund | ||||||
Pre-closing Trial Balance | ||||||
June 30, 2017 | ||||||
Debits | Credits | |||||
Cash | $ | 214,000 | ||||
Investments | 56,000 | |||||
Fund Balance Restricted | $ | 56,500 | ||||
Budgetary Fund Balance | ? | |||||
Estimated Other Financing Sources | 7,125,000 | |||||
Estimated Revenue | 1,607,500 | |||||
Revenue Sales Taxes | 1,582,000 | |||||
Revenue Investment Earnings | 11,500 | |||||
Other Financing Sources Interfund Transfers In | 145,000 | |||||
Other Financing Sources Proceeds of Refunding Bonds | 7,000,000 | |||||
Estimated Other Financing Uses | 7,000,000 | |||||
Appropriations | 1,525,000 | |||||
Expenditures Bond Interest | 525,000 | |||||
Expenditures Bond Principal | 1,000,000 | |||||
Other Financing Uses Payment to Escrow Agent | 7,000,000 | |||||
Using information provided by the trial balance, answer the following. Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year? Record the budgetary Journal Entry at the beginning of the fiscal year.
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