18-7 - E18-7 Debt Service Fund Entries and Statement a....

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E18-7 Debt Service Fund Entries and Statement a. Entries for debt service fund during 20X1: 1. ESTIMATED REVENUES CONTROL 38,000 ESTIMATED OTHER FINANCING SOURCE – TRANSFER IN 5,000 APPROPRIATIONS CONTROL 38,000 BUDGETARY FUND BALANCE – UNRESERVED 5,000 Record budget. 2. Property Taxes Receivable 40,000 Allowance for Uncollectibles 4,000 Revenue – Property Tax 36,000 Record tax levy. Cash 36,000 Property Taxes Receivable 36,000 Record tax collections. Property Taxes Receivable — Delinquent 4,000 Allowance for Uncollectibles 4,000 Property Taxes Receivable 4,000 Allowance for Uncollectibles – Delinquent 1,000 Revenue – Property Tax 3,000 Revise estimate of uncollectibles and reclassify remaining receivables. Cash 5,000 Other Financing Source – Transfer in from Capital Projects Fund 5,000 Receive bond premium. 3. Expenditures 38,000 Matured Bonds Payable 20,000 Matured Interest Payable 18,000 Record matured principal and interest. Matured Bonds Payable
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This note was uploaded on 04/18/2008 for the course ACCT cost taught by Professor Staff during the Spring '08 term at Oklahoma State.

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18-7 - E18-7 Debt Service Fund Entries and Statement a....

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