6. Post the entries to the City Jail Debt Service Fund ledger (t-accounts). e. Prepare and...

 

Transcribed Image Text:

6. Post the entries to the City Jail Debt Service Fund ledger (t-accounts). e. Prepare and post an entry closing all nominal accounts to Fund Balance. Assume any remaining net resources are classified as Fund Balance - Assigned for Debt Service. 5-C. Part 4. Governmental Funds Financial Statements Required: a. Prepare a Balance Sheet for the governmental funds for the City of Monroe as of December 31, 2015. Include the General Fund, the Street and Highway Fund (P4-C), the City Hall Debt Service Fund, and the City Jail Debt Service Fund. Use the balances computed in 4-C for the General Fund and special revenue fund portions of this statement. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds for the City of Monroe for the Year Ended December 31, 2015. Include the same funds as listed in requirement a plus the City Jail Construction Fund. City Jall Debt Service Tatal Goverumental City Hall City Jall Construction Street and Debt Service General lighway Funds Revenses 6,657.500 ruperty Tates Sales Tann leterent &penalties Licets and Parmita Intergovemental Revenues Miscellancs Revemues 2942.000 16,100 s00.000 332.000 150,000 2,942,000 21.220 800,000 5,120 LO72000 1,404,000 350,000 Tetal Revenars 107,120 12,114,720 Exproditures Current Gieneral Govemment Public Safety Higtrwys and Suects Saniianon Heah Weifare Cuure and Reoeation apital Outlay Debe Service Prinipal Imerest Tetal Expentitaes 4600 1,646,900 L441, 409 591.400 724100 374.300 917,300 492 s00 3,026.900 2,471,900 591,400 724,100 374,300 917.300 LA00,300 492.800 9,215,100 10,245.000 Excen (Deficioncy) of Revenues Over Exponditure 2500 46620 1,929,120 Other Financing Soores (Uses) Procendi of Bonde Pvemium on Bondi Sold Tranifers In Transfers Oul (LM2.000 (1,662000 Net Changen Fund Balance Fund Balane, lunuary Fund Halince, Decmber 31 46.630 180,000 3 226,620 737.250 957.750 207.120 917.250 LI84370 Total City Hall Debt Service City Jail Debt Service Governmental Funds Street and General Highway Assets Cash 5 727.500 815,620 Coh wath Facal Aget Itavesoments Tave Revervable Thaierest &Penalties Receivable- (net) Ie from Siale CGevemment Teal Aocts 59.000 59,000 274,000 274,000 16,850 384-000 S 1402 350 196,000 S 343120 580,000 1,745.470 Liahilitin, Deferred laflows and Fund Halance Liabilities Accounts Payable Doe tu Oher funds $ 376.900 40.200 417.100 5 116,500 493,400 40.200 533,600 Toal Liabilities 116,500 Deferred laflows Property Tases 27.500 27,500 Fund Ralances Restricted for Stroet&Highway Maintenance Assigned for 226,620 226,620 Debt Service Oher Purposes Unamigned 58000 899.750 957.750 58.000 899.750 Tocal Fund Fquiy 226,620 1,184.370 tel L mel sd unt lanceS 1402,350 S 343,120 iS 1,745,470 6. Post the entries to the City Jail Debt Service Fund ledger (t-accounts). e. Prepare and post an entry closing all nominal accounts to Fund Balance. Assume any remaining net resources are classified as Fund Balance - Assigned for Debt Service. 5-C. Part 4. Governmental Funds Financial Statements Required: a. Prepare a Balance Sheet for the governmental funds for the City of Monroe as of December 31, 2015. Include the General Fund, the Street and Highway Fund (P4-C), the City Hall Debt Service Fund, and the City Jail Debt Service Fund. Use the balances computed in 4-C for the General Fund and special revenue fund portions of this statement. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds for the City of Monroe for the Year Ended December 31, 2015. Include the same funds as listed in requirement a plus the City Jail Construction Fund. City Jall Debt Service Tatal Goverumental City Hall City Jall Construction Street and Debt Service General lighway Funds Revenses 6,657.500 ruperty Tates Sales Tann leterent &penalties Licets and Parmita Intergovemental Revenues Miscellancs Revemues 2942.000 16,100 s00.000 332.000 150,000 2,942,000 21.220 800,000 5,120 LO72000 1,404,000 350,000 Tetal Revenars 107,120 12,114,720 Exproditures Current Gieneral Govemment Public Safety Higtrwys and Suects Saniianon Heah Weifare Cuure and Reoeation apital Outlay Debe Service Prinipal Imerest Tetal Expentitaes 4600 1,646,900 L441, 409 591.400 724100 374.300 917,300 492 s00 3,026.900 2,471,900 591,400 724,100 374,300 917.300 LA00,300 492.800 9,215,100 10,245.000 Excen (Deficioncy) of Revenues Over Exponditure 2500 46620 1,929,120 Other Financing Soores (Uses) Procendi of Bonde Pvemium on Bondi Sold Tranifers In Transfers Oul (LM2.000 (1,662000 Net Changen Fund Balance Fund Balane, lunuary Fund Halince, Decmber 31 46.630 180,000 3 226,620 737.250 957.750 207.120 917.250 LI84370 Total City Hall Debt Service City Jail Debt Service Governmental Funds Street and General Highway Assets Cash 5 727.500 815,620 Coh wath Facal Aget Itavesoments Tave Revervable Thaierest &Penalties Receivable- (net) Ie from Siale CGevemment Teal Aocts 59.000 59,000 274,000 274,000 16,850 384-000 S 1402 350 196,000 S 343120 580,000 1,745.470 Liahilitin, Deferred laflows and Fund Halance Liabilities Accounts Payable Doe tu Oher funds $ 376.900 40.200 417.100 5 116,500 493,400 40.200 533,600 Toal Liabilities 116,500 Deferred laflows Property Tases 27.500 27,500 Fund Ralances Restricted for Stroet&Highway Maintenance Assigned for 226,620 226,620 Debt Service Oher Purposes Unamigned 58000 899.750 957.750 58.000 899.750 Tocal Fund Fquiy 226,620 1,184.370 tel L mel sd unt lanceS 1402,350 S 343,120 iS 1,745,470

Answer rating: 100% (QA)

Answer Q5C2 CITY HALL DEBT SERVICE FUND Date Details Journal Ref Debits Credits Jan01 ExpendituresBond Interest 1 180000 ExpendituresBond Principal 400000 Cash With Fiscal Agent 580000 The Bond Intere... View the full answer