Question
Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, along village oceanfront. The finance
Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, along village oceanfront. The finance department has discussed three different financing mechanisms. As a new accountant for the village, you want to be prepared to record each option. Required Prepare journal entries for capital projects fund and the government-wide governmental activities general journal for each of the following unrelated transactions. (The General Fund should not be used.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Drop down options are:
No Journal Entry Required
Accumulated Depreciation
Appropriations
Bond Anticipation Notes Payable
Bonds Payable
Budgetary Fund Balance
Building
Capital Lease Obligations Payable
Cash
Construction Expenditures
Construction Work in Progress
Contracts Payable
Contracts Payable Retained Percentage
Estimated Revenues
Expenditures
Expenses Culture and Recreation
Expenses Interest on Bond Anticipation Notes payable
Fund Balance Assigned
Fund Balance Restricted
Fund Balance Unassigned
Gain on Sale of Machinery
Interest Expenditures
Interest Payable
Land
Loss on Sale of Machinery
Machinery and Equipment
Notes Payable
Other Financing Sources Interfund Transfers In
Other Financing Sources Proceeds of Bonds
Other Financing Sources Proceeds of Bonds Anticipation Notes
Other Financing Sources Proceeds of Capital Asset Sale
Other Financing Uses Discount on Bonds
Other Financing Uses Interfund Transfers Out
Other Financing Uses Proceeds of Refunding Bonds
Premium on Bonds Payable
Program Revenue Economic Development
Program Revenues Culture and Recreation
Program Revenues Public Safety
Revenues
Vouchers Payable
Fund / Transaction Governmental General Journal Debit Credit Activties 1. The village sells $2,800,000 of 2 percent construction-related bonds at par. The construction is related to governmental activities. 1 Capital Projects Record the sale of $2,800,000 2% construction-related bonds at par in connection with governmental activities Fund in Capital Projects Fund. Cash 2,600.000 Other Financing SourcesProceeds of Bonds 2,600,000 Governmental Activities Record the sale of $2,600,000 2% construction-related bonds at par in connection with governmental activities in Governmental Activities. Cash 2,600.000 Bonds Payable 2.600.000 2. The village secures a bond anticipation note payable in the amount of $156,000 to pay initial expenses. This note is considered short-term. 2 Capital Projects Fund Record the payment of $156,000 initial expenses on the short-term note payable in Capital Projects Fund. Cash 150.000 Other Financing SourcesProceeds of Bonds 156.000 Governmental Activities Record the payment of $156,000 initial expenses on the short-term note payable in Governmental Activities. Cash 156.000 Other Financing Sources-Proceeds of Bonds 156.000 3. The village secures a bond anticipation note in the amount of $500,000 to pay initial expenses for construction of a convention center. The debt is considered long-term. 3 Capital Projects Record the payment of $560,000 initial expenses for construction of convention center on the long-term note Fund payable in Capital Projects Fund. Cash 560.000 Other Financing Sources-Proceeds of Bonds 560,000 Governmental Activities Record the payment of $560.000 initial expenses for construction of convention center on the long-term note payable in Governmental Activities, Cash 560.000 Other Financing SourcesProceeds of Bonds 560,000Step by Step Solution
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