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07 Olivia Village was recently Incorporated and began financial operations on July 1, 20X2, the beginning of its fiscal year. The following transactions occurred during this first fiscal year, July 1, 20x2 to June 30, 20X3: 5 points eBook Print 1. The village council adopted a budget for general operations for the fiscal year ending June 30, 20X3. Revenue was estimated at $400,000. Legal authorizations for budgeted expenditures totaled $394.000. 2. Property taxes of $390.000 were levied: 2 percent of this amount was estimated to be uncollectible. These taxes are available to finance current expenditures as of the date of levy. 3. During the year, a village resident donated marketable securities valued at $50,000 to the village under the terms of a trust agreement that stipulated that the principal amount be kept intact. The use of revenue generated by the securities is restricted to financing college scholarships for needy students. Revenue earned and received on these marketable securities amounted to $5.500 through June 30, 20X3. 4. A general fund transfer of $5,000 was made to establish an internal service fund to provide for a permanent Investment in Inventory. 5. The village decided to Install lighting in the village park financed through an authorized special assessment project at a cost of $75,000. The city is obligated if the property owners default on their special assessments. The village issued special assessment bonds in the amount of $72.000 and levled the first year's special assessment of $24.000 against the village's property owners. The remaining $3.000 for the project will be contributed from the village's general fund. 6. The special assessments for the lighting project are due over a three-year period, and the first year's assessments of $24.000 were collected. The $3.000 transfer from the village's general fund was received by the lighting capital projects fund. 7. A contract for $75,000 was let for the lighting Installation. The capital projects fund was encumbered for the contract. On June 30. 20X3, the contract was completed, and the contractor was pald. 8. During the year, the Internal service fund purchased various supplies at a cost of $1,900. 9. The general fund cash collections recorded during the year as follows: References Current property taxes Licenses and permit fees $386,080 7.00 The allowance for estimated uncollectible taxes is adjusted to $4.000. 10. The village council decided to build a village hall at an estimated cost of $500,000 to replace space occupied in rented facilities. The village does not record project authorizations. The council decided to issue general obligation bonds bearing Interest at 6 percent. On June 30, 20X3. the bonds were issued at face value of $500.000, payable in 20 years. No contracts have been signed for this project, no expenditures have been made, nor has an annual operating budget been prepared. 11. The voucher for purchasing a fire truck for $15,000 was approved and paid by the general fund. This expenditure previously had been encumbered for $15.000. Required: Prepare journal entries to record properly each of these transactions in the appropriate fund or funds of Olma Village for the fiscal year ended June 30, 20X3. Do not prepare closing entries for any fund. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 Required: Prepare journal entries to record properly each of these transactions in the appropriate fund or funds of Olvia Village for the fiscal year ended June 30, 20X3. Do not prepare closing entries for any fund. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) 5 points Transaction Fund General Journal Debit Credit 1. The village council adopted a budget for general operations for the fiscal year ending June 30, 20X3. Revenue was estimated at $400,000. Legal authorizations for budgeted expenditures totaled $394.000. Record the entry for the budget adopted. eBook 1 Print References 2. Property taxes of $390,000 were levied: 2 percent of this amount was estimated to be uncollectible. These taxes are available to finance current expenditures as of the date of levy. 2 Record the entry for property taxes 2% is estimated to be uncollectible. 3. During the year, a village resident donated marketable securities valued at $50,000 to the village under the terms of a trust agreement that stipulated that the principal amount be kept intact. The use of revenue generated by the securities is restricted to financing college scholarships for needy students. Revenue eamed and received on these marketable securities amounted to $5,500 through June 30, 20X3 3 Record the donations of marketable securities Record the revenue earned on the marketable securities. 5 4. A general fund transfer of $5,000 was made to establish an internal service fund to provide for a permanent investment in inventory. 4 General Fund Record the transfer from the General Fund to the Internal Service Fund 5 points Record the transfer from the General Fund to the Internal Service Fund. eBook Print References 5. The village decided to install lighting in the village park financed through an authorized special assessment project at a cost of $75,000. The city is obligated if the property owners default on their special assessments. The village issued special assessment bonds in the amount of $72,000 and levied the first year's special assessment of $24,000 against the village's property owners. The remaining $3,000 for the project will be contributed from the village's general fund. 5 Capital Projects Fund Record the cash received on the bond issuance Record the transfer from the General Fund. Debt Service Fund Record the special assessment tax receivable Record the fund transfer from the General Fund to Capital Projects Fund. ro non 6. The special assessments for the lighting project are due over a three-year period, and the first year's assessments of $24,000 were collected. The $3,000 transfer from the village's general fund was received by the lighting capital projects fund. 8 General Fund Record the fund transfer from the General Fund to the Capital Projects Fund. Capital Projects Fund Record the fund transfer from the General Fund to the Capital Projects Fund. Record the cash received on the special assessment. 7. A contract for $75,000 was let for the fighting installation. The capital projects fund was encumbered for the contract. On June 30. 20X3, the contract was completed, and the contractor was paid. 7 Record the Event for the contract let for the lighting installation project. Record the entry to unencumber the Capital Project Fund for the contract. Record the contracts payable. Record the payment made for the contracts due. 8. During the year, the internal service fund purchased various supplies at a cost of $1,900. 8 Record the purchase of supplies by the Internal Service Fund. annor fo: 9. The general fund cash collections recorded during the year as follows: Current property taxes S 388,000 Licenses and permit fees 7,000 The allowance for estimated uncollectible taxes is adjusted to $4,000 9 Record the cash collections of taxes and permit fees. Record the allowance for the uncollectibles on the taxes. 10. The villa council decided to build a village hall at estimated of $500,000 to replace space occupied in rented facilities. The village does not record project authorizations. The council decided to issue general obligation bonds bearing interest at 6 percent. On June 30, 20X3, the bonds were issued at face value of $500,000, payable in 20 years. No contracts have been signed for this project, no expenditures have been made, nor has an annual operating budget been prepared. 10 Record the issuance of bonds. 11. The voucher for purchasing a fire truck for $15,000 was approved and paid by the general fund. This expenditure previously had been encumbered for $15,000 11 Record the entry to reverse the reserve for encumbrances for the purchase of the fire truck. Record the purchase of the fire truck