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Prepare entry closing all nominal accounts to fund balance

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Point 1: The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest of $ 174,000 due that day and $400,000 in checks were mailed for bonds maturing that day.

Point 2: Cash in the amount of $568,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for the interest and principal due on January 1 (next fiscal year). The government elected to not accrue the interest or principal at year-end.

Question 1: Post the entries to the City Hall Debt Service Fund ledger (t-accounts).

Question 2: Prepare and post an entry closing all nominal accounts to Fund Balance.

Reference no: EM132466284

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