Debt Service Fund Trial Balance. Following is Franklin Countys debt service fund pre-closing trial balance for the
Question:
Debt Service Fund Trial Balance. Following is Franklin County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2011.
FRANKLIN COUNTY Debt Service Fund Pre-closing Trial Balance June 30, 2011
Debits
Credits
Cash
$ 132,000
Fund Balance
$ 125,200
Budgetary Fund Balance
?
Estimated Other Financing Sources
5,825,000
Estimated Revenue
1,006,500
Revenue—Sales Taxes
1,001,400
Revenue—Investment Earnings
5,400
Other Financing Sources—Interfund Transfers In
825,000
Other Financing Sources—Proceeds of Refunding
Bonds
5,000,000
Estimated Other Financing Uses
5,000,000
Appropriations
1,825,000
Expenditures—Bond Interest
825,000
Expenditures—Bond Principal
1,000,000
Other Financing Uses—Payment to Escrow Agent
5,000,000
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 balance for the debt service fund for the year ended June 30, 2011.