Below 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 has 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 Activities General Journal Debit 1. The General Fund collected and transferred $750,000 in tax collections to the debt service fund; $600,000 of this amount was used for a principal payment on outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 1a 1b General Fund Credit Record the receipt of cash from tax collections. Cash Revenues 750,000 750,000 Record the transfer of cash collected from taxes to the debt service fund. Other Financing Uses-Interfund Transfers Out 750,000 Cash 750,000 1c Debt Service Fund Record the transfer of cash collected from taxes to the debt service fund. Cash 750,000 Other Financing Sources-Interfund Transfers In 750,000 1d Record the payment of principal and interest to retire the bonds. Expenditures-Bond Interest Expenditures-Bond Principal 150,000 600,000 Cash 750,000 1e Governmental Activities. Record the receipt of cash from tax collections. Cash General Revenues-Taxes 750,000 750,000 1f Record the payment of principal and interest to retire the bonds. Premium on Bonds Payable 150,000 Bonds Payable 600,000 Cash 750,000 2. A $5,000,000 issue of serial bonds to finance a capital project was sold at 102 plus accrued interest in the amount of $50,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal. 2a Capital Projects Fund Record the issuance of bonds Cash Other Financing Sources-Proceeds of Bonds 5,000,000 5,000,000 2b Debt Service Fund 2c Governmental Activities Other Financing Sources-Proceeds of Bonds Record the accrued interest and Premium on bonds Cash Other Financing Sources-Premium on Bonds Payable Revenues Record the issuance of bonds Cash Bonds Payable Interest Payable 000 5,000,000 150,000 100,000 50,000 5,150,000 5,000,000 50,000 Premium on Bonds Payable 100,000 3. The debt service fund made a $110,000 lease payment, of which $15,809 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. Special Revenue Fund Record cash received as capital grant. Cash Revenues 110,000 110,000 3b Record the transfer of fund for lease payment to the debt service fund. Other Financing Sources-Interfund Transfers Out 110,000 Cash 110,000 3c Debt Service Fund Record the transfer of fund for lease payment from the special revenue fund. Cash 110,000 Other Financing Sources-Interfund Transfers In 110,000 3d Record the principal and interest on lease paid. Expenditures-Bond Interest Expenditures-Bond Principal Cash 15,809 94,191 110,000 Governmental Activities Record cash received as capital grant. Cash 110,000 Program Revenues-General Government 110,000 3f Record the principal and interest on lease paid. Expenses-Interest on Lease Lease Obligations Payable Cash 15,809 94,191 110,000 4. Tax-supported serial bonds with a $3,500,000 par value were issued in cash to permit refunding of a $3,500,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par. 4a 4b Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 2,800,000 Other Financing Sources-Proceeds of Refunding Bonds 2,800,000 Record the refund of the par value bonds. Other Financing Uses-Refunded Bonds Cash 3,500,000 3,500,000 4c Governmental Activities Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 2,800,000 Bonds Payable 2,800,000 4d Record the refund of the par value bonds. Term Bonds Payable Cash 3,500,000 3,500,000 5. Four months prior to year-end, 3 percent special assessment bonds totaling $500,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $25,000 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 500,000 500,000 5b Other Financing Sources-Proceeds of Special Assessment Bonds Record the current and deferred installment receivable from the local subdivision. Assessments Receivable-Current Assessments Receivable-Unavailable Revenues Deferred Inflow of Resources-Unavailable revenues 0000 25,000 475,000 25,000 475,000 5b Record the current and deferred installment receivable from the local subdivision. Assessments Receivable-Current Assessments Receivable-Unavailable 25,000 475,000 Revenues 25,000 Deferred Inflow of Resources-Unavailable revenues 475,000 5c Governmental Activities Record the issue of special assessment bonds. Cash Special Assessment Debt with Governmental Commitment 500,000 500,000 5d Record the current and deferred installment receivable from the local subdivision. Assessments Receivable-Current 25,000 Assessments Receivable-Unavailable 475,000 Contracts Payable 25,000 Deferred Inflow of Resources-Unavailable revenues 475,000 5e Record the interest payable on the special assessment debt. Expenses-Interest on Special Assessment debt Interest Payable 10,000 10,000 6. A $5,000,000 issue of construction bonds was sold at par by the capital projects fund. Debt issuance costs included administrative fees of $45,000 and prepaid insurance costs of $5,000. Capital Projects Fund Record the issue of construction bonds. 6b Record the debt issuance costs. 6c Governmental Activities Record the issue of construction bonds. 6d Record the debt issuance costs. 7. Due to an unexpected change in interest rates, a village issued a $2,500,000 bond at 98 percent of par value. The bond was issued to fund construction of a bike path, including restrooms and picnic shelters. It is expected that the shortage of cash will be covered by a future transfer from another fund. 7a Capital Projects Fund Record the issuance of bonds 7b Governmental Activities Record the issuance of bonds 8. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan to repay this note within three months with tax revenues. Record the issuance of Notes payable 8a Capital Projects Fund 8b Governmental Activities Record the issuance of Notes payable 9. A county secures a bond anticipation note in the amount of $500,000 to pay initial expenses for construction of a convention center. The board of county commissioners recommended that the finance department refinance the bond anticipation note by issuing a construction bond when construction activity begins. 9a Capital Projects Fund Record the issuance of Bond anticipation note 9b Governmental Activities Record the issuance of Bond anticipation note