AaBOLU Dictate O-A- Create and Share Request Adobe PDF Sigeatures Voice Styles Adobe Acrobat 1 Normal No Spac. Heading! Heading 2 Replace Select- Paragraph Editing Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions have been recorded yet. Required Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund/ Governmental Activties General Journal Debit Credit 1. The General Fund collected and transferred $890,000 in tax collections to the debt service fund: $800,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. la General Fund Record the receipt of cash from tax collections. Cash 890.000 Revenues 890,000 1b Record the transfer of cash collected from taxes to the debt service fund Other Financing Uses-Interfund Transfers Out 890,000 Cash 890.000 1c Debt Service Fund Record the transfer of cash collected from taxes to the debt service lund Cash 890.000 1 Adobe PDF Font Styles Editing Adobe Select Paragraph Other Financing Sources-Interfund Transfers in 890,000 1d Record the payment of principal and interest to retire the bonds. Expenditures Interest 90,000 Expenditures--Principal 800,000 Cash 890,000 1e Governmental Activities Record the receipt of cash from tax collections. Cash 890,000 General Revenues-Taxes 890,000 11 Record the payment of principal and interest to retire the bonds, Expenses-Interest on Lease 90,000 Serial Bonds Payable 800,000 Cash 890,000 2. A $8,900,000 issue of serial bonds to finance a capital project was sold at 104 plus accrued interest in the amount of $89,000. The accrued Interest and the premium were recorded in the debt service fund Accrued interest on bonds sold must be used for interest savments, the premium is Font Adobe Acr Paragraph Styles Editing 2 Capital Projects Fund Cash 8,900,000 Other Financing Sources-Proceeds of Bonds 8,900,000 Debt Service Fund Cash 445,000 Other Financing SourcesPremium on Bonds Payable 356,000 Revenues 89,000 Governmental Activities Cash 9,345,000 Serial Bonds Payable 8,900,000 Interest Payable 89,000 Premium on Bonds Payable 356,000 3. The debt service fund made a $130,000 lease payment, of which $18,683 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. 3a Special Revenue Fund Record cash received as capital grant. Cash 130.000 Revenues 130,000 3b Record the transfer of fund for lease payment to the debt service fund. Other Financing Uses-Interfund Transfers Out 130.000 Cash 130,000 3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund. Cash 130.000 130.000 Other Financing Sources-Interfund Transfers in 3d Record the principal and Interest on lease paid. Expenditures-Interest 18.683 Expenditures-Principal 111.317 3 EI Normal No Space Heading Heading 2 Adobe PDF Font 15 Paragraph Styles Cash 130,000 3e Governmental Activities Record cash received as capital grant Cash 130,000 Program Revenues-General Government 130,000 31 Record the principal and interest on lease pald. Expenses-Interest on Lease 18,683 Lease Obligations Payable 111,317 Cash 130,000 4. Tax-supported serial bonds with a $7,600,000 par value were issued in cash to permit refunding of a $7,600,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par 4a Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 7.600.000 Other Financing Sources--Proceeds of Refunding Bonds 7 OC ADDCCL Carate and Share Adobe Por Editing Adobe Acret Replace ** A.D.A. EEE... 1 Normal No Spac... Heading 1 Heading 2 Select Font Paragraph Styles Other Financing Sources-Proceeds of Refunding Bonds 7,600,000 4b Record the refund of the par value bonds. Other Financing Uses-Payment To Refunded Bond Escrow Agent 7,600,000 Cash 7,600,000 4c Governmental Activities Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 7,600,000 Serial Bonds Payable 7,600,000 4d Record the refund of the par value bonds. Term Bonds Payable 7,600,000 Cash 7.600.000 5. Four months prior to year-end, 4 percent special assessment bonds totaling $480,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $30,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year 5a Debt Service Fund Record the issue of special assessment bonds Cash 480.000 Other Financing Sources--Proceeds of Special Assessment Bonds 480.000 5b Record the current and deferred installment receivable from the local subdivision Assessments Receivable--Current 30.000 450.000 Assessments Receivable-Unavailable st Adobe POS Font 5 Editing Adobe Paragraph Styles Revenues 30,000 Deferred Inflow of Resources-Unavailable Revenues 450,000 5c Governmental Activities Record the issue of special assessment bonds. Cash 480,000 Special Assessment Debt with Governmental Commitment 480,000 50 Record the current and deferred installment receivable from the local subdivision Assessments Receivable-Current 30,000 Assessments Receivable-Unavailable 450,000 Program Revenues-General Government 30,000 Deferred Inflow of Resources-Unavailable Revenues 450,000 5e Record the interest payable on the special assessment debt. ExpensesInterest on Special Assessment debt 6,400 Interest Payable 6.400 6 ASR 900 000 R of nonstruction honds war in at narhi tha cantar e Aco 6. A $8,900,000 issue of construction bonds were sold at par by the capital projects fund. Debt issuance costs included administrative fees of $80, 100 and prepaid insurance costs of $8,900. 6a Capital Projects Fund Record the issue of construction bonds. Revenues 8,900,000 Revenues-Change in Fair Value of Investments 8,900,000 6b Record the debt issuance costs. 8,900 8,900 6c Governmental Activities Record the issue of construction bonds. Investments 8,900,000 General Revenues-Investment Earnings 8,900,000 6d Record the debt issuance costs. o AaBOLU Dictate O-A- Create and Share Request Adobe PDF Sigeatures Voice Styles Adobe Acrobat 1 Normal No Spac. Heading! Heading 2 Replace Select- Paragraph Editing Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions have been recorded yet. Required Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Transaction Fund/ Governmental Activties General Journal Debit Credit 1. The General Fund collected and transferred $890,000 in tax collections to the debt service fund: $800,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. la General Fund Record the receipt of cash from tax collections. Cash 890.000 Revenues 890,000 1b Record the transfer of cash collected from taxes to the debt service fund Other Financing Uses-Interfund Transfers Out 890,000 Cash 890.000 1c Debt Service Fund Record the transfer of cash collected from taxes to the debt service lund Cash 890.000 1 Adobe PDF Font Styles Editing Adobe Select Paragraph Other Financing Sources-Interfund Transfers in 890,000 1d Record the payment of principal and interest to retire the bonds. Expenditures Interest 90,000 Expenditures--Principal 800,000 Cash 890,000 1e Governmental Activities Record the receipt of cash from tax collections. Cash 890,000 General Revenues-Taxes 890,000 11 Record the payment of principal and interest to retire the bonds, Expenses-Interest on Lease 90,000 Serial Bonds Payable 800,000 Cash 890,000 2. A $8,900,000 issue of serial bonds to finance a capital project was sold at 104 plus accrued interest in the amount of $89,000. The accrued Interest and the premium were recorded in the debt service fund Accrued interest on bonds sold must be used for interest savments, the premium is Font Adobe Acr Paragraph Styles Editing 2 Capital Projects Fund Cash 8,900,000 Other Financing Sources-Proceeds of Bonds 8,900,000 Debt Service Fund Cash 445,000 Other Financing SourcesPremium on Bonds Payable 356,000 Revenues 89,000 Governmental Activities Cash 9,345,000 Serial Bonds Payable 8,900,000 Interest Payable 89,000 Premium on Bonds Payable 356,000 3. The debt service fund made a $130,000 lease payment, of which $18,683 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. 3a Special Revenue Fund Record cash received as capital grant. Cash 130.000 Revenues 130,000 3b Record the transfer of fund for lease payment to the debt service fund. Other Financing Uses-Interfund Transfers Out 130.000 Cash 130,000 3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund. Cash 130.000 130.000 Other Financing Sources-Interfund Transfers in 3d Record the principal and Interest on lease paid. Expenditures-Interest 18.683 Expenditures-Principal 111.317 3 EI Normal No Space Heading Heading 2 Adobe PDF Font 15 Paragraph Styles Cash 130,000 3e Governmental Activities Record cash received as capital grant Cash 130,000 Program Revenues-General Government 130,000 31 Record the principal and interest on lease pald. Expenses-Interest on Lease 18,683 Lease Obligations Payable 111,317 Cash 130,000 4. Tax-supported serial bonds with a $7,600,000 par value were issued in cash to permit refunding of a $7,600,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par 4a Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 7.600.000 Other Financing Sources--Proceeds of Refunding Bonds 7 OC ADDCCL Carate and Share Adobe Por Editing Adobe Acret Replace ** A.D.A. EEE... 1 Normal No Spac... Heading 1 Heading 2 Select Font Paragraph Styles Other Financing Sources-Proceeds of Refunding Bonds 7,600,000 4b Record the refund of the par value bonds. Other Financing Uses-Payment To Refunded Bond Escrow Agent 7,600,000 Cash 7,600,000 4c Governmental Activities Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 7,600,000 Serial Bonds Payable 7,600,000 4d Record the refund of the par value bonds. Term Bonds Payable 7,600,000 Cash 7.600.000 5. Four months prior to year-end, 4 percent special assessment bonds totaling $480,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $30,000 installment will be due from property owners six months after the initial bond issuance, but no debt payments are due in the first year 5a Debt Service Fund Record the issue of special assessment bonds Cash 480.000 Other Financing Sources--Proceeds of Special Assessment Bonds 480.000 5b Record the current and deferred installment receivable from the local subdivision Assessments Receivable--Current 30.000 450.000 Assessments Receivable-Unavailable st Adobe POS Font 5 Editing Adobe Paragraph Styles Revenues 30,000 Deferred Inflow of Resources-Unavailable Revenues 450,000 5c Governmental Activities Record the issue of special assessment bonds. Cash 480,000 Special Assessment Debt with Governmental Commitment 480,000 50 Record the current and deferred installment receivable from the local subdivision Assessments Receivable-Current 30,000 Assessments Receivable-Unavailable 450,000 Program Revenues-General Government 30,000 Deferred Inflow of Resources-Unavailable Revenues 450,000 5e Record the interest payable on the special assessment debt. ExpensesInterest on Special Assessment debt 6,400 Interest Payable 6.400 6 ASR 900 000 R of nonstruction honds war in at narhi tha cantar e Aco 6. A $8,900,000 issue of construction bonds were sold at par by the capital projects fund. Debt issuance costs included administrative fees of $80, 100 and prepaid insurance costs of $8,900. 6a Capital Projects Fund Record the issue of construction bonds. Revenues 8,900,000 Revenues-Change in Fair Value of Investments 8,900,000 6b Record the debt issuance costs. 8,900 8,900 6c Governmental Activities Record the issue of construction bonds. Investments 8,900,000 General Revenues-Investment Earnings 8,900,000 6d Record the debt issuance costs. o