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 Governmental General Journal Debat Credit behanded detamente 1. The General Fund collected and transferred 70.000 in tax colections to the debt service und: 5600,000 of mis amount was used to retre al payment on the outstandingan bonds Cash 750.000 750,000 Record the transfer of cash colected from arestat de service und Other Financing U n d Transfers Out Record the transfer of cash collected from the debt wervice Record the transfer of cash collected from taxes to the debt service fund. Other Financing Uses- Interfund Transfers Out 750,000 750,000 tc Debt Service Fund Record the transfer of cash collected from taxes to the debt service und cash Other Financing Sources-Interfund Transfers in 750.000 750 000 Record the payment of principal and interest to retire the bonds Expenditures-Interest Expenditures - Principal Cash 150,000 600,000 750.000 te Sovernmental Record the receipt of ch from tax collections Cash General Revenues Taxes 750,000 Record the payment of principal and interest to retire the banda Expenses interest on long-term debt Serial Bonds Payable 150.000 800.000 750 000 2 ASS 000.000 issue of er bonds to finance a capital project was sold i 102 plus acord interest in the amount of $50,000. The cered nees m um were recorded in the debt service und Accrued inneston bonds must be used for its met the 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 und Accrued interest on bonds sold must be used for interest payments: the premium is designated by state law for eventual payment of bond principal Capital Projects 5,000,000 Fund Other Financing Sources Proceeds of Bonds Debt Service Fund 150.000 Cash d e Other Financing Sources-Premium on Bonds Payable Revenues 100.000 50,000 1 5.150,000 Cash Serial Bonds Payable interest Payable Premium on Bonds Payable 5,000,000 50,000 100.000 3. The debt service fund made a 5110,000 lase payment, of which 515,809 was interest. Funds used to make the lease payment came from a capai received by the special revenue fund Record cash received a capital grant O 70.000 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 Record cash received as capital grant Fund Cash 110,000 Revenues 110.000 36 Record the transfer of fund for lease payment to the debt service fund Other Financing Usos-Interlund Transfers Out 110,000 110,000 30 Debi Service Fund Record the transfer of rund for lease payment from the special revenue fund 110,000 Cash Other Financing Sources-Interlund Transfers in 110,000 15,809 Record the principal and interest on lease paid Expenditures Interest Expenditures Principal Cash 94, 191 3e Sovernmental Record cash received as capital grant 110,000 Program Revenues General Government 110.000 se au 15.809 PERU PHILIMI I USE Expenses Interest on Lease Lease Obligations Payable Cash 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 per value issue of ferm bonds. Assume that the term bonds had been issued several years earlier at par 4a Debt Service Fund Record the issue of lax supported sanal bonds for partial refund of term bonds. Cash 3,500,000 Other Financing Sources --Proceeds of Rotunding Bonds 3.500.000 4b Record the refund of the par value bonds Appropriations Assessments Receivable Current 4e Record the issue of tax-supported serial bonds for partial refund of term bonds. Assessments Recovable Unavalable Assessments Receivable Current - 4d Record the refund of the par value bonds. Assessments Receivable Ourrent Assessments Receivable Ur b e L RPR..... 5 Four months prior to year-end. 6 percent special assessment bonds totaling $500 000 were issued to fund a streetlight improvement project in a local subdivision The bonds we secondary backed by the village. The test 525 000 instaliment will be due from property owners months after the initial bond issuance, but not payments are due in the first year 5a Debt Service Fund Record the issue of special assessment bonds Cash 500,000 Other Financing Sources Proceeds of Special Assessment Bonds 500 000 Record the current and deferred installment receivable from the local subdivision Assessments Receivable-Current 25,000 Assessments Receivable Unavailable 475.000 Revenues Deferred inflow of Resources-Unavailable revenues 25.000 475.000 Governmental Activities Record the sue of special assessment bonds 500 000 Cash Special Assessment Debt with Governmental Commitment 500.000 Record the current and deterred instalment receivable from the local subdivision Ars Recente Program Revenues General Government Deferred inflow of Resources Unavailable Record the interest payable on the special assessment debt Expenses-Interest on Special Assessment de Interest Payable 10.000 10 000 included administrative fees of 6. A$5.000000 issue of construction bonds were sold at par by the capital projects and Debitissance 545000 and prepaid insurance costs of $5.000 Capital Practs Fund Record the issue of construction bonds Canh Other Financing Uses Process of Refunding Bonds 2.800.000 Record the debt issuance costs General Revenue Investment Earings Revenues-Change in Faw Value of investments 500.000 Record these of construction bonds Expenses interest on Lasse Expenditures-interest Record the debt isance costs Assessments Receivable Unatable