Question
In: Accounting
On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin...
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On July 1, 2016, the first day of its 2017 fiscal year, the City of Nevin issued at par $2,000,000 of 6 percent term bonds to construct a new city office building. The bonds mature in five years on July 1, 2021. Interest is payable semiannually on January 1 and July 1. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31, 2016. Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. City officials assume a yield on sinking fund investments of 6 percent per annum, compounded semiannually. Investment earnings are added to the investment principal. |
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Prepare journal entries in the debt service fund for the following: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) |
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Prepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) |
6. All appropriate closing entries were made at June 30, 2017, for the debt service fund.
6aTerm Bond Debt Service FundRecord the entry to close the budgetary statement account.
6bRecord the entry to close the operating statement account.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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