Looking for help with this question. I have already input the information, but am looking for verification.


Looking for help with this question. I have already input the information, but am looking for verification.

Don't use plagiarized sources. Get Your Custom Essay on
Looking for help with this question. I have already input the information, but am looking for verification.
Just from $13/Page
Order Essay

Thank you,

The City of Yuma, Arizona accounts for debt service related to its $10,000,000 face value, 5% general obligation term bonds, issued July 1, 2019, in a debt service fund. The city’s accounting year ends on June 30. Interest on the bonds is due each December 31 and June 30. 

The following events occur in fiscal 2020:

1. The debt service fund budget called for $1,250,000 in transfers from the general fund, $20,000 in income on investments, and appropriations for the two semiannual interest payments.

2. The general fund transferred $1,250,000 to the debt service fund on August 15. The debt service fund invested the cash.

3. The debt service fund liquidated investments carried at $300,000 for $315,000 and made the December 31 interest payment.

4. The debt service fund liquidated investments carried at $270,000 for $260,000 and made the June 30 interest payment.

5. Dividend and interest income for the year, received in cash, was $45,000.

6. At June 30, 2020, the debt service fund’s investments had a fair value of $660,000.

Assume that all debt service fund resources are committed.


a. Prepare the journal entries to record the above events in the debt service fund. Include necessary closing entries.


Source link

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 15% with the discount code BANANA