User Account

All Pages

Prepare the journal entry for the debt service fund

Assignment Help Accounting Basics
Reference no: EM132839595

The Sailfish County authorized issuance of $10,000,000, 4 percent regular serial bonds in 20X0 for construction of a new library. The bonds mature in equal amounts beginning January 1, 20X1 for 10 years and pay interest on January 1 and July 1. The county is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General fund. The county's fiscal year ends on December 31.

Question 1: The bonds were sold on January 1, 20X0 at 101. Prepare journal entries needed to record issuance of the bonds, including the entries in the debt service fund and any entries required in the governmental activities general ledger at the government-wide level.

Question 2: Prepare the budgetary entry for 20X0 for the debt service fund to record the estimated interest payments to be paid on July 1.

Question 3: Prepare the journal entry for the debt service fund to reflect the transfer of funds from the General Fund to the debt service fund in anticipation of the interest payment due on July 1.

Question 4: Prepare the journal entries needed to record the interest payment made on July 1, including entries required in the debt service fund and any entries required in the governmental activities general ledger at the government-wide level. Assume straight line amortization is used for the premium

Reference no: EM132839595

Questions Cloud

Which steps should goldschmidt undertake to ensure : Goldschmidt, a member, Which steps should Goldschmidt undertake to ensure that the situation does not constitute a subordination of judgment?
Offensive and defensive strategies : Determine whether to pursue offensive or defensive strategies to improve an organization's market position
Prepare extraordinary item portion of financial statement : First Bank Corporation has an effective tax rate of 35%. Prepare the extraordinary item portion of First Bank Corporation's financial statement
Describe the benefits of the guidance approach : For this assignment, create a digital brochure that could be emailed to families explaining the guidance approach and its importance for teaching children.
Prepare the journal entry for the debt service fund : Prepare the journal entry for the debt service fund to reflect the transfer of funds from the General Fund to the debt service fund in anticipation
INF 503 Large-scale Data Structures And Organization : INF 503 Large-scale Data Structures And Organization Assignment Help and Solution, Northern Arizona University - Assessment Writing Service
Create an activity that demonstrates the oral language : Create an activity that demonstrates the oral language or listening enhancing feature of the literature selection. Consider diverse learners. You will use this.
Who has the final responsibility for positions taken : She pays alimony to her former husband. Who has the final responsibility for positions taken with respect to the controversial matters on the tax return?
What is the value on November : What is the value on November 8, 2000 of making quarterly payments of $260 over 11 years if the first payment is on February 8, 2009

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find which is an unethical act

Find Which is An unethical act? Is determined for the accounting profession by the FASB. / Must, at minimum, violate a government regulation

  Explore the tax implications of this arrangement

Explore the tax implications of this arrangement and whether the $5 per hour difference has any implications

  Discuss cost flow relationships

Factory overhead was applied during the year. Using the above information

  Jaster corporations management keeps track of the time it

jaster corporations management keeps track of the time it takes to process orders. during the most recent month the

  Various accounting treatments for stock compensation

Evaluate the various accounting treatments for stock compensation and how do they relate to the practice of accounting and its uses in business.

  What will the journal entry on given date

ABC Company buys a truck for $14,000 in April, 2016. In January 2017 they got repair work done on the truck for a total of $5,000 that they record.

  Why do accountants make errors

Why do accountants make errors? What types of errors may occur? Why is it necessary to correct them? What are the ramifications of not correcting errors?

  Compute cost of goods sold under the FIFO and LIFO

Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units

  What is the amount of direct materials used during period

Lynnwood Manufacturing Company had the following account balance for the quarter ending - What is the amount of direct materials used during the period

  Who would be a qualifying child for Wilson

Zoey's daughter, Belle (age 8) and Zoey's mother (age 64). Wilson's AGI is $30,300 and Zoey's AGI is $29,950. Who would be a qualifying child for Wilson

  Weighted-average method gifford

6-38 Weighted-Average MethodGifford, Inc. produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufac- turing costs in the assembly department during Ma..

  Compute for taxable income for philippine taxation

Compute for taxable income. Ms. REYES is a CPA. She also operates a convenience store. In 2019, her gross sales amounted to ?1,800,000.00

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd