Question: Following is Klaus County s debt service fund pre closing trial balance

Following is Klaus County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2014.

Using information provided by the trial balance, answer the following.
a. Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year?
b. What is the budgetary fund balance?
c. Did the debt service fund pay debt obligations related to capital leases? Explain.
d. Did the debt service fund perform a debt refunding? Explain.
e. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended June 30,2014.

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  • CreatedJanuary 11, 2014
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