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2 years ago

The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund:

Business

1 answer:

Vera_Pavlovna [14]2 years ago

6 0

Answer:

a. Journal entries

1. Estimated revenues (Dr.) $100,000

Estimated other financing sources (Dr.) $50,000

Appropriations (Cr.) $125,000

Fund Balance Budget (Cr.) $25,000

2. Cash (Dr.) $50,000

General Fund Transfer (Cr.) $50,000

3. Property Tax receivable (Dr.) $100,000

Uncollectable Taxes (Cr.) $5,000

Collectable Property taxes revenue (Cr.) $95,000

4. Cash (Dr.) $60,000

Collectable property tax revenue (Cr.) $60,000

5. Cash (Dr.) $1,000

Revenue From Investments (Cr.) $1,000

6. Cash (Dr.) $30,000

Collectable property tax revenue (Cr.) $30,000

7. Interest expense (Dr.) $37,500

Interest Payable (Cr.) $37,500

8. Fiscal Agent fee (Dr.) $500

Cash (Cr.) $500

9. Cash (Dr.) $1,000

Investment Revenue (Cr.) $1,000

10. Interest Expense (Dr.) $37,500

Principal payment (Dr.) $50,000

[Fiscal Agent] Cash (Cr.) $87,500

11. Investment Revenue Receivable (Dr.) $500

Investment Revenue (Cr.) $500

Explanation:

b. Trial Balance

Particulars : Debit (Dr.) $ ; Credit (Cr.) $

Cash: 76,500 ; 0

Property Taxes receivable 10,000 ; 0

Allowance for uncollectable property 0 ; 5,000

Investments 40,000 ; 0

Investment revenue receivable 500 ; 0

Restricted fund balance 0 ; 100,000

Revenue - property taxes 0 ; 95,000

Revenue- Investments 0 ; 2,500

Transfer to general fund 0 ; 50,000

Interest Expense 75,000 ; 0

Bond principal 50,000 ; 0

Fiscal agent fees 500 ; 0

Estimated revenues 100,000 ; 0

Estimated other financing sources 50,000 ; 0

Appropriations 0 ; 125,000

Fund balance Budget 0 ; 25,000

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