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.) Answer is complete but not entirely correct. Fund / Transaction Governmental General Journal Debit Credit Activties 1. The General Fund collected and transferred $620,000 in tax collections to the debt service fund; $530,000 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. 1a General Fund Record the receipt of cash from tax collections. Cash 620,000 Revenues 620,000 1b Record the transfer of cash collected from taxes to the debt service fund. Other Financing SourcesInterfund Transfers Out 620,000 Cash 620,000 10 Debt Service Fund Record the transfer of cash collected from taxes to the debt service fund. 620,000 Cash Other Financing SourcesInterfund Transfers In 620,000 1d Record the payment of principal and interest to retire the bonds. ExpendituresInterest 90,000 ExpendituresPrincipal 530,000 Cash 620,000 1e Governmental Activities Record the receipt of cash from tax collections. 620,000 Cash General RevenuesTaxes 620,000 1f Record the payment of principal and interest to retire the bonds. Interest Payable X 90,000 Serial Bonds Payable 530,000 Cash 620,000 2. A $6,200,000 issue of serial bonds to finance a capital project was sold at 106 plus accrued interest in the amount of $62,000. 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. 2 Capital Cash 6,200,000 Projects Fund Other Financing SourcesProceeds of Bonds 6,200,000 Debt Service Fund Cash 90,000 28,000 X Other Financing SourcesPremium on Bonds Payable Revenues SO 62,000 Governmental Activities >> 6,290,000 Cash Serial Bonds Payable Interest Payable Premium on Bonds Payable 6,200,000 62,000 90,000 3. The debt service fund made a $130,000 lease payment, of which $18,682 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. 3a Special Record cash received as capital grant. Revenue Fund Cash 130,000 Revenues 130 000 3. The debt service fund made a $130,000 lease payment, of which $18,682 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund. Special 3a Record cash received as capital grant. Revenue Fund Cash 130,000 Revenues 130,000 3b Record the transfer of fund for lease payment to the debt service fund. Other Financing UsesInterfund 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 Other Financing SourcesInterfund Transfers 130,000 In 3d Record the principal and interest on lease paid. Expenditures Interest Expenditures-Principal Cash 18,682 111,318 130,000 3e Governmental Activities Record cash received as capital grant. 130,000 Cash Revenues x 130,000 3f Record the principal and interest on lease paid. Expenses Interest on Lease Lease Obligations Payable Cash 18,682 111,318 130,000 4. Tax-supported serial bonds with a $7,400,000 par value were issued in cash to permit refunding of a $7,400,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par. Debt Service Record the issue of tax-supported serial bonds for partial refund of term 4a Fund bonds. Cash 7,400,000 Other Financing SourcesProceeds of 7,400,000 Refunding Bonds 4b Record the refund of the par value bonds. Other Financing UsesProceeds of Refunding Bonds Cash 7,400,000 7,400,000 4c Governmental Activities Record the issue of tax-supported serial bonds for partial refund of term bonds. Cash 7,400,000 Serial Bonds Payable 7,400,000