[The following information applies to the questions displayed below.] Following is Grant Countys debt service fund pre-closing
Question:
[The following information applies to the questions displayed below.]
Following is Grant County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2017.
GRANT COUNTY | ||||||
Debt Service Fund | ||||||
Pre-closing Trial Balance | ||||||
June 30, 2017 | ||||||
| Debits | Credits | ||||
Cash | $ | 214,000 | | | | |
Investments | | 56,000 | | | | |
Fund Balance – Restricted | | | | $ | 56,500 | |
Budgetary Fund Balance | | | | | ? | |
Estimated Other Financing Sources | | 7,125,000 | | | | |
Estimated Revenue | | 1,607,500 | | | | |
Revenue – Sales Taxes | | | | | 1,582,000 | |
Revenue – Investment Earnings | | | | | 11,500 | |
Other Financing Sources – Interfund Transfers In | | | | | 145,000 | |
Other Financing Sources – Proceeds of Refunding Bonds | | | | | 7,000,000 | |
Estimated Other Financing Uses | | | | | 7,000,000 | |
Appropriations | | | | | 1,525,000 | |
Expenditures – Bond Interest | | 525,000 | | | | |
Expenditures – Bond Principal | | 1,000,000 | | | | |
Other Financing Uses – Payment to Escrow Agent | | 7,000,000 | | | | |
|
Using information provided by the trial balance, answer the following.
Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year?
Record the budgetary Journal Entry 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?
Yes
No
d. Did the debt service fund perform a debt refunding?
Yes
No
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely