Town of Vidal-Week 3 Application

Town of Vidal-Week 3 Application - 1 Town of Vidal 2 Budget...

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1 Town of Vidal
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2 Budget entries for Town of Vidal 2010 budget Debit Estimated revenues 30,000 Estimated other financing sources 15,000 Credit Expenditures 42,825 Budgetary fund balance 2,175 Journal entries for Town of Vidal 2010 budget Debit Cash 32,000 Credit Tax revenues 32,000 To record collection of tax revenues Debit Expenditures 21,750 Credit Matured bonds payable 15,000 Matured bonds interest payable 6,750 To record expenditures for bond principal and interest Debit Matured bonds payable 15,000 Matured bonds interest payable 6,750 Credit Cash 21,750 To record payment Debit Cash 15,000 Credit Other financing sources 15,000 To record contribution from general fund Debit Expenditures 21,075 Credit Matured bonds payable 15,000 Matured bonds interest payable 6,750 To accrue bond principal and interest payment
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3 Statement of Revenues, Expenditures, and Changes in Fund Balance for 2010 REVENUES Taxes $30,000 EXPENDITURES Debt service: $ 30,000 Principal on debt $ 12,825 Interest on debt $ 42,825 Total expenditures $ (12,825) Excess (deficiency) of revenue over expenditures Other financing sources Transfer from: $
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  • Summer '16
  • Balance Sheet, Town Of Vidal, Generally Accepted Accounting Principles, tax revenues, Matured bonds

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