[The following information applies to the questions displayed below.] Using info

Question

[The following information applies to the questions displayed below.]

  

Using information provided by the trial balance, answer the following.

Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year?

Record the budgetary Journal Entry at the beginning of the fiscal year.

What is the budgetary fund balance?

  

[The following information applies to the questions displayed below.]

Following is Grant County’s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2017.

Explanation / Answer

A. Journal entry:

B. Budgetary fund balance=$207,500

C. No.

The only interest and principal expenses recorded is for bonds. If capital lease payments had been made interest and principal expenditures would be recorded related to lease.

D. Yes

Other financing sources_ proceeds of refunding and other financing uses_payment to Escrow agent indicate that a bond refunding has occurred.

Estimated other financing sources $7,125,000 Estimated revenues $1,607,500 Estimated other financing uses $7,000,000 Appropriations $1,525,000 Budgetary fund balance(balanceing amount) $207,500

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.