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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.)

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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 560,000

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