Problem 5. Various funds and account groups. The village of Dexter was recently incorporated and began financial operations on July 1, 2015, the beginning of its fiscal year 1. The village council adopted a budget for general operations during the fiscal year ending June 30, 2016. Revenues were estimated at $400,000. Legal authorizations for expenditures were $394,000. 2. Property taxes were levied for $390.000. It was estimated that 2% of this amount would prove to be uncollectible. These taxes were available on the date of the levy to finance current expenditures 3. During the year, a resident of the village donated marketable securities, valued at ss0,000, to the village under the terms of a trust agreement. that the The agreement stipulated that the principal is to be kept intact. The use of is to be restricted to financing college scholarships for needy students Revenue earned and received on these marketable securities amounted to $5,500 4. A general fund transfer of $5,000 was made to establish a permanent investment in inventory 5. The village decided to install lighting in the village park. A special assessment project was authorized to install the lighting at a cost of $75,000. The appropriation was formally recorded. To finance the is to be transferred from the general fund, and the balance is from special assessments 6. Assessments were levied for $72,000, with the village contributing $3,000 from the general fund. All assessments and the village contributions were collected during the year 7. A contract for $75,000 was let for the installation of li for $75,000. The contractor was paid all but 5%, which was retained to ensure compliance with the terms of the contract. Encumbrances and other budgetary accounts are maintained. 8. During the year, the internal service fund purchased various supplies at a cost of $ 1,900. 9. Cash collections recorded by the general fund during the year were as follows: Intra-governmental Service Fund to provide for a At June 30, 2016, t Property taxes Licenses and permits $386,000 7,000 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. It was decided that general obligation bonds bearing interest at 6% would be issued. On June 30, 2016, the bonds were issued at their face value of $500,000, payable in 20 years. No contracts have been signed for this project, and no expenditures have been made. 11. A new fire truck was purchased for S 150,000, and the voucher was approved. Payment was made through the general fund. This expenditure was previously encumbered for $ 145,000. The old fire truck costing $120,000 was sold for $20,000 Instructions: Prepare joumal entries to properly record each of the preceding transactions in the appropriate fund(s) or group of accounts of Dexter for the fiscal year ended June 30, 2016. Use the following funds and groups of accounts: a. General fund b. Capital projects fund c. Internal service fund d. Private-purpose principal fund e. Private-purpose earnings fund f. General long-term debt account group g. General fixed assets account group Journal entries should be numbered to correspond with the entries for any fund. Your answer sheet should be appropriate transactions. Do not prepare closing organized as follows: (/CPA adapted) Amount Transaction No. Fund or Account Group Account Title & Explanation Debit Credit 18-2