Chap018-baker 36

Chap018-baker 36 - Matured Bonds Payable 300,000 Matured...

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 18-36 P18-16 (continued) 3. Entry made in the general fund for 20X8: Other Financing Uses – Transfer Out to Debt Service Fund 313,500 Cash 313,500 Record transfer of resources to debt service fund. Entries made in the debt service fund for 20X8: Cash 313,500 Other Financing Sources – Transfer In from General Fund 313,500 Record transfer of resources from general fund. Expenditures – Interest 13,500 Matured Interest Payable 13,500 Record interest legally due and payable. Expenditures – Principal 300,000 Matured Bonds Payable 300,000 Record principal legally due and payable.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Matured Bonds Payable 300,000 Matured Interest Payable 13,500 Cash 313,500 Record payment of matured bonds and interest. 4. Closing entries in the general fund for 20X8: BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 83,000 ENCUMBRANCES 83,000 Close outstanding encumbrances at year-end. Fund Balance – Unreserved 83,000 Fund Balance – Reserved for Encumbrances 83,000 Reserve actual fund balance for encumbrances expected to be honored in 20X9. 5. Adjusting entry in the general fund for 20X8: Fund Balance – Reserved for Inventories 3,000 Inventory of Supplies 3,000 Adjust inventory of supplies to balance at December 31, 20X8....
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