Journal entries for Debt Service Fund transactionsAt the start of 2019, Croton's Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggestyou post opening balances and the journal entries to general ledger T-accounts.)Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Debt Service Fund: DSF).Ref. FundDescriptionDebit1GF ◆231. The General Fund transferred $1,200 cash to the Debt Service Fund.2. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment.3. The principal and interest due for payment were paid.4. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest payments on those bonds were $600 and $470, respectively.4DSF →DSF →DSF →DSF →DSF →◆Due to General Fund◆To record transfer out to Debt Service Fund.Due from Debt Service Fund◆Transfer in from General Fund◆To record receipt of transfer funds.Expenditures - interestExpenditures - bond principal paymentMatured interest payableCashCashMatured interest payableMature bond principal payableCashExpenditures - interestExpenditures - bond principal paymentMatured interest payableCash◆Matured interest payableMature bond principal payableCash◆◆◆To record maturing of debt service.To record payment of debt service.12001200Credit12001200

Debt service fund accounts for financial sources and uses including revenues and related…

payment were paid. on bonds sold by Croton in previous years came due and was pai column, select the appropriate fund in which the journal entry is r Description Debit Credit e to General Fund record transfer out to Debt Service Fund. from Debt Service Fund ansfer in from General Fund To record receipt of transfer funds. nditures-interest nditures-bond principal payment atured interest payable ash red interest payable are bond principal payable ash + 1200 1200 1200 1200

payment were paid. on bonds sold by Croton in previous years came due and was pai column, select the appropriate fund in which the journal entry is r Description Debit Credit e to General Fund record transfer out to Debt Service Fund. from Debt Service Fund ansfer in from General Fund To record receipt of transfer funds. nditures-interest nditures-bond principal payment atured interest payable ash red interest payable are bond principal payable ash + 1200 1200 1200 1200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 26E: Sinking Funds Entries The following information is available concerning Nunan Corporations sinking...

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