As of December 31, 2016, Westport had $9,500,000 in 4.5 percent serial bonds outstanding. The serial bonds pay interest semiannually on July1 and December 31, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal and interest are transferred from the General Fund.

Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

(1)

The operating budget for FY 2017 consists of other financing sources (transfers from the General Fund) equal to estimated principal and interest payments. Appropriations also must be provided for interest payments and bond redemptions on January 1 and July 1.

(2)

Cash was received from the General Fund and checks were written and mailed for the July 1 principal and interest payments. Journal entry 1: Record the appropriations for interest payments and bond redemption for the year. Journal Entry 1b: Record the appropriations for interest payments and bond redemption for governmental fund. Journal Entry 2: Record the transfer of resources for payment of principal and interest from the General Fund. Journal Entry 2b: Record the payment of interest and principal on bonds in the Debt Service Fund Journal Entry 2c: Record the payment of interest and principal on bonds at the government wide level