Question

The City of Mountain View had the following transactions during the year, none of which have...

The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities.

  1. Mountain View issued $5 million worth of serial bonds at 102 plus accrued interest in the amount of $50,000. The premium and accrued interest were recorded in the Debt Service Fund. Accrued interest on bond sold must be used for interest payments.
  2. The city’s General Fund collected and transferred $750,000 in tax collections to the Debt Service Fund. $600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make interest payments on outstanding serial bonds.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The City of Little River had the following transactions related to the construction of a new...
The City of Little River had the following transactions related to the construction of a new courthouse: January 2, 2017: 20-year, 6%, general-obligation serial bonds with a face value of $2,000,000 are issued at 101. Interest payments are made on January 1 and July 1 of each year. The premium was transferred into the debt-service fund. The general fund will fully fund each payment as it becomes due. March 1, 2017: Land is purchased for a new park at a...
The City of Little River had the following transactions related to the construction of a new...
The City of Little River had the following transactions related to the construction of a new courthouse: January 2, 2017: 20-year, 6%, general-obligation serial bonds with a face value of $2,000,000 are issued at 101. Interest payments are made on January 1 and July 1 of each year. The premium was transferred into the debt-service fund. The general fund will fully fund each payment as it becomes due. March 1, 2017: Land is purchased for a new park at a...
Journal entries for a Debt Service Fund The City of Bloomington establishes a Debt Service Fund...
Journal entries for a Debt Service Fund The City of Bloomington establishes a Debt Service Fund to accumulate resources to service its 2018 general obligation bonds. Voters approve an additional property tax that can only be used to pay the debt service on the bonds. The city finances the remainder of the debt service through a transfer of general fund resources. Prepare journal entries to record the following transactions for the city’s Debt Service Fund during calendar year 2019. No...
As of December 31, 2017, City of Chicago had $9,500,000 in 4.5 percent serial bonds outstanding....
As of December 31, 2017, City of Chicago had $9,500,000 in 4.5 percent serial bonds outstanding. The serial bonds pay interest semiannually on July 1 and December 31, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal and interest are transferred from the General Fund. Prepare debt service fund entries in general journal form to reflect, as necessary, the following information and transactions for fiscal year 2020. (1) The operating budget for FY...
The following information has been provided for the City of Elizabeth for its fiscal year ended...
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30, 2017. The information provided relates to financial information reported on the city’s statement of net position and its total governmental funds balance. Revenues accrued but unavailable to pay the current period expenditures$364,600 Capital assets 641,600   Accumulated depreciation on capital assets 356,800    Accrued interest on bonds and long-term notes payable 2,900   Bonds and long-term notes payable 177,600    Unamortized premium on bonds payable 2,400   Compensated...
On the following questions, indicate which fund or funds would typically be used to record each...
On the following questions, indicate which fund or funds would typically be used to record each of the following transactions/events for the City of Morgantown. please use the codes shown below. Capital Project Fund (CPF) Custodial Fund (CF) Debt Service Fund (DSF) Enterprise Fund (EF) General Fund (GF) Internal Service Fund (ISF) Investment Trust Fund (ITF) Pension Trust Fund (PTF) Permanent Fund (PF) Private Purpose Trust Fund (PPTF) Special Revenue Fund (SRF) (Hint: The transactions below may involve one, two...
Prepare entries to record the following transactions related to the acquisition of capital assets by a...
Prepare entries to record the following transactions related to the acquisition of capital assets by a city. Remark: The city does not use encumbrance accounting.               Identify the fund(s) used.             a.    The city issues general obligation bonds in the amount of $900,000, receiving cash for the full face amount of the bonds. The cash will be used to buy capital assets.             b.   The city buys a prefabricated building for $750,000, using part of the bond proceeds. The building...
Rand city entered into the following transactions during the current year. Assume that the city maintains...
Rand city entered into the following transactions during the current year. Assume that the city maintains its books and records in a manner that facilitates the preparation of its fund financial statements. Prepare entries to record the following transactions. Indicate the fund in which the entry is being made. a) The city issues $5 million of tax anticipation notes, backed by property taxes that will be recorded in the general fund. b) The city issues $2 million of 90-day bond...
In order to get a good rating, please explain how you arrived at each answer. Thank...
In order to get a good rating, please explain how you arrived at each answer. Thank you. EX. 9-2 Select the best answer. A city’s general fund has an outstanding payable to its electric utility, which is accounted for in an enterprise fund. The utility has a corresponding receivable from the general fund. In the city’s government-wide statement of net position, which would be correct? The payable and the corresponding receivable would be eliminated in the consolidation process and thus...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017: Debits Credits Cash $28,000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 Buildings 84,000 Accumulated depreciation—buildings $30,000 Equipment 46,000 Accumulated depreciation—equipment 25,000 Accounts payable 19,000 Advance from water utility fund 30,000 Net position 126,500 Totals $230,500 $230,500 Required: a. Open a general journal for the City of Monroe Stores and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT