THIS IS THE SAME QUESTION AS PREVIOUSLY BUT NO IS RESPONDING ALL REQUIREMENTS....ONLY PARTIALLY.

On July 1, 2016, the first day of its 2017 fiscal ... Bookmark On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $2,000,000 of 6 percent term bonds to construct a new city office building. The bonds mature in five years on July 1, 2021. Interest is payable semiannually on January 1 and July 1. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31, 2016. Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. City officials assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually. Investment earnings are added to the investment principal.

2) Prepare journal entries in the debt service fund for the following:

1 - Record a budget for the Fiscal year ended June 30, 2017. Include an accrual for all interfund transfers to be received fromt he General Fund during the year. An appropriation should be provided only for the interst payment due on January 1, 2017.

2 - On December 28, 2016, The general Fund transferred $234,461 to the debt service fund. The addition to the sinking fund was immediately invested in 6 percent certificates of deposit. 3- On December 28, 2016 the city issued checks to bondholders for the interst payment due on January 1, 2017

4 -On June 27, 2017, the General Fund transferred $234,461 to the debt service fund. The addition for the sinking fund was invested immediately in 6 percent certificates of deposit.

5 - Actual interst earned on sinking fund investments at year end (june 30, 2017) was the same as the amount budgeted. This interst adds to the sinking fund balance. 2 Prepare the closing entries. -

All appropriate closing entreis were made at June 30, 2017, for the debt service fund.

6a) Term Bond Debt Service Fund - Record the entry to close the budgetary statement account

6b) """"" - Record the entry close the operating statement account.