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All numbers are in millions. A new school district receives $4.0 in property tax revenue The...

All numbers are in millions.

  1. A new school district receives $4.0 in property tax revenue
  2. The school issues $2.0 in proceeds from the sale of bonds designated for general funding.
  3. The School transfers $1.0 to the debt service fund to be used to pay on the bonds
  4. The money in the debt service fund earned $.1 interest
  5. The school purchased 100 desks for classrooms at a total cost of $.2
  6. The school issued a special property tax levy of $1.0 which it has not received yet
  7. The school purchased 50 computers at a cost of $.3 but has not yet paid for them.

.Prepare journal entries in the general fund to record each of the transactions or other events.

create a Balance Sheet, and a Statement of Revenue Expenses and Other Charges.

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Answer #1

The journal entries for the same have been solved as follows:

- The Statement of Revenue is given as follows:

-The Balance sheet is given as follows:

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