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The following information applies to the questions displayed below,J As of December 31, 2019, Sandy Beach had $8,800,000 in 4.0 percent serial bonds outstanding Cash of $489.000 is the debt service fund's only asset as of December 31 2019, and there are no labilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments Award: 3.60 points Required a-T. Prepare debt service fund and govemment-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2020, (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund/ 1. The operating budget for FY 2020 consists of estimated revenues of $1,090,000 and estimated other financing sources equal to the torest to be paid in FY 2020. Appropriations must be provided for interest peyments and bond redemptions on Debit Credit General Journal Activties amount of January 1 and July 1 1 Serial Bond Debt Service Fund Governmental Activities was received from the General Fund and checks were writhen and mailed for the January 1 principal and interest payments 2a Serial Bond Debt Service Fund Record cash received from the general fund 2 Cash 2b Record principal and interest paid. 2c Govemmental Activiies 3. Property taxes in the amount of $1,090,000 were levied (no estimate for uncollectible accounts has been made) Serial Bond Debt Service Fund 4 Property taxes in the amount of $1,088,000 were collected. Serial Bond Debt Service Fund 5. Cash was received from the General Fund and checks were witen and maled for the July 1 princibal and interest payments Serial Bond Debt Service Fund Record cash received from the general fund Record principal and interest paid. 5c Governmental Actviies Assignment Print View Transaction Fund/ G 6. Adjusting entries were made and uncolected taxces receivable were recliassified as deinquent Al the fund level, entries were also made to ovemmental Debit Credit General Journal 6a Serial Bond Debt Service Fund Record the entry to close the budgetary statement account Record the entry for classitying uncolectible acoounts. Record the deferred inflows of re Record the entry to close the operating s statement account Record the entry for classitying uncolectible accounts References Journal Entries Learning Objective 06-02 Prepare nobe disclosures for general long-derm debt including schedules of statutory debt Imits, debe margin, and overlapping debt Leaming Objective: 06-05 Make journal entries to account for peneral long-term labilties in debt service tunds and in the povemmental activibes general jounal

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