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I just need help with entry S, thank you! Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall
I just need help with entry S, thank you!
Residents from the Town of Mountain View authorized a $7,300,000 renovation to their historic town hall on November 15, 2019. Financing forthe project cons sts or S2B00000from a percent serial bond issue, $2,400,000 from a state grant, and $2,100,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. The town has a calendar year-end. Required Prepare journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-ide level (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) s. The renovation is considered complete and appropriate amounts are reclassified as buildings and s other than buildin Debt Service i.e., landsca s(1) fund Cash ther Financing Sources--ntefund Transfers In All capital projects fund nominal accounts are closed, and remaining cash in the capital projects fund is transferred to the debt service fund. (Remember to amend the debt service fund budget because this transfer was not s(2) Estimated Other Financing Transfers In Fund Balance s(3) Fund rojects Record the receipt for debt service payments. und und Balance As 800,000 n Expenditures Record the tra capital project funds to the debt service fu Uses-Interfund Transfers Out Record the closing entry after transfer out und Balance As r Financing Us Transfers s(6 Activities Record the closing entry and reclassify the appropriate amounts. uilding nts other than n Work in ProgressStep by Step Solution
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