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ch06web - CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM...

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CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM LIABILITIES AND DEBT SERVICE Solutions to Exercises and Problems 6-2. 1. c . 6. c. 2. b . 7. b . 3. d . 8. a . 4. b . 9. a. 5. a. 10. d . 6-3. Debits Credits 1. General Fund : ESTIMATED REVENUES 650,000 ESTIMATED OTHER FINANCING USES 650,000 TAXES RECEIVABLE—CURRENT 650,000 REVENUES 650,000 CASH 650,000 TAXES RECEIVABLE—CURRENT 650,000 OTHER FINANCING USES—INTERFUND TRANSFERS OUT 650,000 CASH 650,000 Debt Service Fund : ESTIMATED OTHER FINANCING SOURCES— INTERFUND TRANSFERS IN 650,000 APPROPRIATIONS 225,000 FUND BALANCE 425,000 CASH 650,000 OTHER FINANCING SOURCES—INTERFUND TRANSFER IN 650,000 EXPENDITURES—INTEREST 225,000 CASH 225,000 Governmental Activities : TAXES RECEIVABLE—CURRENT 650,000 GENERAL REVENUES—TAXES 650,000 EXPENSES—INTEREST ON LONG-TERM DEBT 225,000 CASH 225,000
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Debits Credits 2. Capital Projects Fund : CASH 5,000,000 OTHER FINANCING SOURCES— PROCEEDS OF BONDS 5,000,000 Debt Service Fund : CASH 150,000 OTHER FINANCING SOURCES—
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This note was uploaded on 04/08/2008 for the course AC 456 taught by Professor Parsons during the Spring '08 term at Alabama.

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ch06web - CHAPTER 6: ACCOUNTING FOR GENERAL LONG-TERM...

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