Chap018-baker 16

Chap018-baker 16 - 1,000 Revenue – Property Tax 3,000...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-16 E18-7 Debt Service Fund Entries and Statement a. Entries for debt service fund during 20X2: 1. ESTIMATED REVENUES CONTROL 35,000 ESTIMATED OTHER FINANCING SOURCES – TRANSFER IN 5,000 APPROPRIATIONS CONTROL 34,000 BUDGETARY FUND BALANCE 6,000 Record budget. 2. Property Taxes Receivable 40,000 Allowance for Uncollectibles 4,000 Revenue – Property Tax 36,000 Record tax levy. Cash 35,000 Property Taxes Receivable 35,000 Record tax collections. Property Taxes Receivable — Delinquent 5,000 Allowance for Uncollectibles 4,000 Property Taxes Receivable 5,000 Allowance for Uncollectibles – Delinquent
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1,000 Revenue – Property Tax 3,000 Revise estimate of uncollectibles and reclassify remaining receivables. Cash 6,000 Other Financing Sources – Transfer in from Capital Projects Fund 6,000 Receive bond premium. 3. Expenditures 30,000 Matured Bonds Payable ($150,000 x 1/10 due) 15,000 Matured Interest Payable ($150,000 x .10 interest) 15,000 Record matured principal and interest. Matured Bonds Payable 15,000 Matured Interest Payable 15,000 Cash 30,000 Pay matured principal and interest. Expenditures 1,700 Vouchers Payable 1,700 Record other expenditures. Vouchers Payable 1,200 Cash 1,200 Pay approved vouchers....
View Full Document

This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

Ask a homework question - tutors are online