Following is the Grant County's debt service fund pre-closing trial balance for the fiscal year ended June 30, 2017.

Required:

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 or the year ended June 30, 2017.

Transcribed Image Text:

GRANT COUNTY Debt Service Fund Pre-closing Trial Balance June 30, 2017 Cash Investments Fund Balance-Restricted Budgetary Fund Balance Estimated Other Financing Sources Estimated Revenue Revenue-Sales Taxes Revenue Investment Earnings Other Financing Sources-Interfund Transfers In Other Financing Sources-Proceeds of Refunding Bonds Estimated Other Financing Uses Appropriations Expenditures-Bond Interest Expenditures-Bond Principal Other Financing Uses-Payment to Escrow Agent Debits $ 214,000 56,000 7,125,000 1,607,500 525,000 1,000,000 7,000,000 Credits $ 56,500 ? 1,582,000 11,500 145,000 7,000,000 7,000,000 1,525,000 GRANT COUNTY Debt Service Fund Pre-closing Trial Balance June 30, 2017 Cash Investments Fund Balance-Restricted Budgetary Fund Balance Estimated Other Financing Sources Estimated Revenue Revenue-Sales Taxes Revenue Investment Earnings Other Financing Sources-Interfund Transfers In Other Financing Sources-Proceeds of Refunding Bonds Estimated Other Financing Uses Appropriations Expenditures-Bond Interest Expenditures-Bond Principal Other Financing Uses-Payment to Escrow Agent Debits $ 214,000 56,000 7,125,000 1,607,500 525,000 1,000,000 7,000,000 Credits $ 56,500 ? 1,582,000 11,500 145,000 7,000,000 7,000,000 1,525,000

Answer rating: 100% (QA)

Longterm liabilities It consists of financial obligation and loans that ends up for more than one year Companys leasing or financing obligation which ... View the full answer