For each question below, provide the journal entry(ies) for each selected transaction for the specific fund indicated. No subsidiary journal entries will be required.

Problem 111. (10 points possible). Using the trial balance above, prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Debt Services Fund of the City of Abernathy, NY for the year ended, December 31, 2018. End of Exam l7 December 31, 2018. DEBT SERVICES FUND. Below is the December 31, 2018 trial balance for the Debt Service Fund. Prepare the closing entries in proper form in the Debt Services Fund (NOTE: Prepare a single closing entryd0 not separate budgetary from other nominal funds): -EE- l6 O '8. DEBT SERVICE FUND. Journalize the required semi-annual interest p: 15/17 Debt Service Fund: October 1, 2018. Government~wide (Governmental Activities): Journalize the required semi-annual interest payment at the government-wide level: December 31, 2018. Government-wide (Governmental Activities). Record the adjusting entry at the government-wide level to journalize accrued interest at December 31, 2018: 15 September 15, 2018. GENERAL FUND. The City of Abernathy billed the Abernathy Water Utility, which is accounted for as an enterprise fund, for police, re, and other governmental services provided in the amount of $45,000. J ournalize the entry for the invoice billing in the General Fund: September 23, 2018. Government-wide (Governmental Activities). The composition of construction costs of the building are listed below, which exceeded the budgeted construction costs. This was largely due to the contractor adding interest costs during the construction phase, which had never been journalized in the Capital Projects Fund or at the government-wide level. An occupancy certicate was issued on this date and the building was properly placed into service. J oumalize the entry to place the building into service at the government-wide level: Materials $ 1,100,000 Labor 1,120,000 Overhead Costs 200,000 Interest during construction 65,000 Total Construction Costs $ 2,485,000 l4 April 1, 2018. Government-wide (Governmental Activities): Journalize the required semi-annual interest payment and principal reduction at the govemmentwide level: August 12, 2018. CAPITAL PROJECTS FUND. The contractor submitted an invoice for the remainder of the construction work that was completed on August 10, 2018. Journalize the entries for the receipt and expenditure and liability of the invoice in the Capital Projects Fund: 1. Journalize the receipt of the invoice: 2. Journalize the expenditure and liability: August 12, 2018. Government-wide (Governmental Activities). Journalize contractor's nal invoice at the government-wide level: September 2, 2018. CAPITAL PROJECTS FUND. Only 80 percent of the nal construction invoice submitted on August 10th was approved for payment and disbursed on September 2nd. Twenty percent of the nal payment will be withheld as a retained percentage and disbursed after nal inspections have been cleared. J oumalize the payment and the retained percentage in the Capital Projects Fund: 13 1V 12/17 8. Government-wide (Governmental Activities). Joumalize the March 19'\" mvorce at the government-wide level: March 21, 2018. CAPITAL PROJECTS FUND. Journalize the payment of the March 19th vouchers payable in the Capital Projects Fund: March 28, 2018. DEBT SERVICE FUND. Actual tax collections totaled $176,500. Journalize the collection of the taxes in the Debt Service Fund: March 29, 2018. DEBT SERVICE FUND. The remaining Taxes Receivable balance is delinquent. J ournalize the entry to reclassify the current taxes to delinquent taxes in the Debt Service Fund: April 1, 2018. DEBT SERVICE FUND. Journalize the required semi-annual interest payment and principal reduction in the Debt Service Fund: 12 February 15, 2018. SPECIAL REVENUES FUND. At the end of 2017, the US. Justice Department informed the City of Abernathy that it was going to receive $620,000 from the federal stimulus monies to be used as partial payment for the construction of the new police station. No journal entry was recorded in FY 2017. On February 15, 2018, the cash was received from the federal government and was recorded in the Special Revenues Fund. These funds deposited into the Special Revenues Fund will later be transferred to the Capital Projects Fund. J ournalize the entry to the record the receipt of the stimulus funds from the federal government in the Special Revenues Fund: February 28, 2018. SPECIAL REVENUES FUND. The federal grant monies received on February 15, 2018 are all transferred from the Special Revenues Fund to the Capital Projects Fund. 1. Journalize the transfer of the grant monies in the SPECIAL REVENUES FUND to the Capital Projects Fund: 2. J oumalize the receipt of the grant monies in the CAPITAL PROJECTS FUND transferred from the Special Revenues Fund: March 19, 2018. CAPITAL PROJECTS FUND. The contractor submitted an invoice requesting payment for 1/2 of the work that had been completed. J ournalize the receipt and expenditure and liability of the invoice in the Capital Projects Fund: 1. Journalize the receipt of the invoice: 2. Journalize the expenditure and liability: 11 January 20, 2018. CAPITAL PROJECTS FUND. Joumalize the expenditure of the cor-Mme\"rm aupplies and payment from the January 18th invoice in the capital projects 10/17 January 20, 2018. Government-Wide (Governmental Activities). Record the January 20th construction costs and payment at the government-wide level: January 22, 2018. CAPITAL PROJECTS FUND. During late December, contract bids were submitted and on January 22\DEBT SERVICES FUND. The serial bonds are to be serviced by the debt service fund. The bond interest and debt service is expected to be nanced by property taxes. Below is the debt service fund trial balance at December 31, 2017, which consists of only $2,000 in cash: -EE- $ 2,000 Fund Balance--Restricted $ 2,000 January 1, 2018. DEBT SERVICES FUND. The budget is adopted by the debt service fund for the scal year. Appropriations of $177,750 equal two (2) bond interest expenditures for FY 2018 and one (1) principal reduction payment. Estimated revenues of $180,000 are from property taxes. Record the adoption of the budget in the Debt Services Fund: CAPITAL PROJECTS FUND. Below is the post-closing trial balance at December 31, 2017 for the Capital Projects Fund. In FY 2018, there was minimal construction activity since the building permit was not issued until late December. $ 1,695,875 Fund Balance--Assigned $ 77,000 Fund Balance--Restricted 1,618,875 January 18, 2018. CAPITAL PROJECTS FUND. The outstanding orders (encumbrances) made at the end of FY 2017 that were estimated then to cost $77,000 for construction supplies were 100 % received on January 18, 2018 at an actual cost of $78,013. J oumalize the necessary entry(ies) to record the receipt of goods in the capital projects fund: October 1, 2017. CAPITAL PROJECTS FUND. Record the issuance of the $1,800,000 serial hnnd r.roceeds in the Capital Projects Fund: 8/17 October 1, 2017. Government-wide (Governmental Activities). Record the issuance of the $1,800,000 serial bond proceeds at the government-wide level: October 1, 2017. CAPITAL PROJECTS FUND. Record the repayment of the bond anticipation notes and interest in the Capital Projects Fund: October 1, 2017. Government-wide (Governmental Activities). Record the repayment of the bond anticipation notes and interest at the government-wide level: December 18, 2017. CAPITAL PROJECTS FUND. Purchase orders were placed in the amount of $77,000 to order supplies to begin the construction of the weigh station. Record the issuance of the purchase orders in the Capital Projects Fund: December 31, 2017. Govemmentwide (Governmental Activities). Record the interest accrual for the serial bonds at the government-wide level: 'F5F4z54 Slfw'i Problem 11. (60 points possible). The City of Abernathy, NY is a quiet town in upstate New York that is sixty miles east of Buffalo. The town operates a general ind, capital projects md, debt service fund, and a special revenues fund. The scal year end is December 31. The City is about to begin the 2018 scal year (FY 2018) set to begin January 1, 2018 and ending December 31, 2018. Instructions: For each question below, provide the journal entry(ies) for each selected transaction for the specic fund indicated. No subsidiary journal entries will be required. During scal year (FY 2017), on October 1, 2017, the City of Abernathy's capital projects fund issued $1,800,000 of 20year serial bonds, bearing a 5% stated rate per year with interest payable on October 1st and April Ist of each scal year. In addition, each year on April I, a principal redemption of $90,000 is paid to bondholders of record. The bond proceeds were used in late 2017 to partially nance the construction of a new building for a truck weight station that will be used to measure transport weight and cargo holdings for trucks on Interstate 95. The remaining monies are expected in February 2018 from the US. Department of Transportation as part of the federal stimulus legislation (The American Recovery and Reinvestment Act of 2009, PL. 11 1-5) in the amount of $620,000, which will be received in the Special Revenues Fund and then transferred to the Capital Projects Fund. The total construction costs are estimated at $2,420,000 and will take less than ve months to construct. The project commenced construction in FY 2018. On April 1, 2017, prior to the serial bond issuance, Abernathy needed seed monies to initiate the construction of the weigh station and borrowed $100,000 of bond anticipation notes with an interest rate of 8.25%. These bond anticipation notes (BAN) were borrowed from J .P. Morgan Chase and were expected to be repaid in entirety, plus interest, with proceeds of the serial bonds issued later that year. April 1, 2017. CAPITAL PROJECTS FUND. Record the issuance of the bond anticipation notes in the Capital Projects Fund: April 1, 2017 . Government-wide (Governmental Activities). Record the issuance of the bond anticipation notes at the government-wide level