ACIS+4124+5124+Revised+P6-8+Solution - 6-8. a.NEW...

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Unformatted text preview: 6-8. a.NEW TOWNDebitsCredits1.Serial Bond Debt Service Fund:ESTIMATED OTHER FINANCING SOURCES416,250ESTIMATED REVENUE1,020,000APPROPRIATIONS1,416,250BUDGETARY FUND BALANCE20,000BUDGET FOR FY2011: INTERFUND TRANSFERS IN FOR INTEREST = $9,500,000 X 0.045 X FOR JANUARY 1 PAYMENT AND $9,000,000 x 0.045 X FOR JULY 1 PAYMENT = $416,250.Governmental Activities:No entries required2.Serial Bond Debt Service Fund:CASH213,750OTHER FINANCING SOURCESINTERFUND TRANSFERS IN213,750EXPENDITURESBOND INTEREST213,750EXPENDITURESBOND PRINCIPAL500,000CASH713,750Governmental Activities:ACCRUED INTEREST PAYABLE213,750BONDS PAYABLE500,000CASH713,750DebitsCredits3.Serial Bond Debt Service Fund:TAXES RECEIVABLECURRENT 1,020,000REVENUES1,020,000Governmental Activities:TAXES RECEIVABLECURRENT1,020,000GENERAL REVENUESPROPERTY TAXES 1,020,0004.Serial Bond Debt Service Fund & Governmental Activities:CASH1,019,000TAXES RECEIVABLECURRENT1,019,0005.Serial Bond Debt Service Fund:CASH202,500OTHER FINANCING SOURCESINTERFUND...
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This note was uploaded on 03/28/2012 for the course ACIS 4124 taught by Professor Dr.easterwood during the Spring '12 term at Virginia Tech.

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ACIS+4124+5124+Revised+P6-8+Solution - 6-8. a.NEW...

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