The general fund of the Village of Beantown borrowed $100,000 on July 15, 2019, from the...

The general fund of the Village of Beantown borrowed $100,000 on July 15, 2019, from the local bank in order to pay for government services provided to its citizens before the first collection of its property tax levy. After collecting the first property tax installment, Beantown paid the local bank $102,000 on September 12, 2019.

Required:

Make the village’s general fund journal entry to record the payment to the bank on September 12

Solutions

Expert Solution

In the books of General Fund of Village of Beantown
Journal Enteries

			Amount in $
Date	Particulars	Debit	Credit
12-Sep-19	Local Bank a/c Dr	1,00,000.00
	Interest a/c Dr	2,000.00
	To Bank		1,02,000.00

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for...

The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be Debit Expenditures $100,000; Credit Cash $100,000. Debit Other Financing Uses Transfer Out $100,000; Credit Cash $100,000. Debit Fund Balance Transfer Out $100,000; Credit Cash $100,000. Debit Other Financing Sources Transfer In $100,000; Credit Cash $100,000.

For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general...

For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The budget was formally adopted, providing for estimated revenues of $1,070,000 and appropriations of $996,000. Revenues were received, all in cash, in the amount of $1,010,000. Purchase orders were issued in the amount of $479,000. Of the $479,000 in (c), purchase orders were...

Ted’s Village has five governmental funds: a General Fund, a Debt Service Fund, and three special...

Ted’s Village has five governmental funds: a General Fund, a Debt Service Fund, and three special revenue fund. IT has no proprietary funds. The following information is available at December 31, 2019 for each of the funds. First, determine which of the funds are major funds. Then, prepare a balanace sheet in the appropriate format, showing the major funds, a total for the nonmajor funds, and a total for all government funds Special Revenue General Debt Service Fund A Fund...

The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as...

The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...

The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31,...

The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2017, the last day of its fiscal year. Control accounts are used for budgetary entries. Debits Credits Accounts Payable $ 19,000 Allowance for Uncollectible Taxes 12,000 Appropriations (Control) 494,000 Budgetary Fund Balance 5,000 Cash $175,000 Deferred Inflows—Property Taxes 38,000 Due from Capital Projects Fund 5,000 Due to Debt Service Fund 17,000 Encumbrances 63,000 Estimated Revenue (Control) 534,000 Estimated Other Financing Uses (Control) 35,000 General Government...

On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year...

On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,220. Each payment includes an interest and a principal component. a. Compute the interest expense in February. b. Compute the portion of Willmar’s March 31 payment that will be applied to the principal of the note. (Round your intermediate calculations and final answer to the nearest dollar amount.) c. Compute the carrying value of...

The Village of Hawksbill issued $4,200,000 in 5 percent general obligation, tax-supported bonds on July 1,...

The Village of Hawksbill issued $4,200,000 in 5 percent general obligation, tax-supported bonds on July 1, 2016, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2017. Hawksbill has a calendar fiscal year. A capital projects fund transferred the premium (in the amount of $45,000) to...

The Village of Hawksbill issued $4100,000 in 5 percent general obligation, tax-supported bonds on July 1,...

The Village of Hawksbill issued $4100,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments are to made on June 30, 2020. Hawksbill has a calendar fiscal year. 1. A capital projects fund transferred the premium ( in the amount of...

The Village of Hawksbill issued $4,500,000 in 5 percent general obligation, tax-supported bonds on July 1,...

The Village of Hawksbill issued $4,500,000 in 5 percent general obligation, tax-supported bonds on July 1, 2016, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2017. Hawksbill has a calendar fiscal year. A capital projects fund transferred the premium (in the amount of $52,500) to...

Roho Company acquired equipment on July 1, 2019, for $100,000. The residual value is $20,000 and...

Roho Company acquired equipment on July 1, 2019, for $100,000. The residual value is $20,000 and the estimated life is 5 years or 40,000 hours. Compute the depreciation expense for the years ending December 31, 2019 and December 31, 2020 if Roho Company uses the double−declining−balance method of depreciation. A. $9000 for 2019; $ 36400 for 2020 B. $20000 for 2019; $ 32000 for 2020 C. $4500 for 2019; $ 9000 for 2020 D. $40000 for 2019; $ 24000 for...

Subjects