The City of Waverly engaged in the following activities during its fiscal year ended June 30, 2021 On July 1, 2020 the city council adopted a general fund budget for the year ending June 30, 2021 Revenue were estimated at $1,300,000 and bond proceeds of $500,000 are anticipated Budgeted expenditures are broken down as follows Operating transfers out $300,000, salaries $550,000, equipment $250,000, utilities $400,000, and supplies $100,000 On July 12, 2020 the city ordered a new computer at an anticipated cost of $117,000 The computer was received on July 16 with an invoice cost of $115,000 Payment was subsequently made on August 15, 2020 The computer has an estimated useful life of five years and no salvage value On September 30, 2020 the city transferred cash of $250,000 to the debt service fund to pay bonds and interest coming due On October 1, 2020 the city retired bonds of $225,000 and related interest of $25,000 On November 1, 2020, the city assessed property taxes for the current fiscal year of $1,250,000 and based on past history 5 will be uncollectible with the remaining amounts collected within the current fiscal year On January 1, 2021 the state awarded a grant of $10,000 to the city to make the city hall handicap accessible On January 31, 2021 the city completed and paid $20,000 for the cost of making the handicap accessible modifications to city hall Bonds with a face value of $900,000 were issued on April 1, 2021 to build a road The bonds were issued at face value and carry a 6 interest rate with semiannual payments of interest and on September 30 and March 31 and mature on March 31, 2031 On June 30, 2021 the city received a donation of marketable securities valued at $250,000 under terms of a trust agreement The principal amount is to be kept intact Earnings generated by the securities are to be used for scholarships for residents of the city who attend Warburg College Required Prepare journal entries to record the above (include all necessary related entries for each item and, for simplicity, assume use of cash for payments) in both the fund based and government wide financial statements For fund based entries, designate the fund for government wide entries, designate the column If the entry is the same, you may write same entry for the government wide entries If there is no entry, write no entry

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The City of Waverly engaged in the following activities during its fiscal year ended June 30, 2021. On July 1, 2020 the city council adopted

The City of Waverly engaged in the following activities during its fiscal year ended June 30, 2021.

On July 1, 2020 the city council adopted a general fund budget for the year ending June 30, 2021. Revenue were estimated at $1,300,000 and bond proceeds of $500,000 are anticipated. Budgeted expenditures are broken down as follows: Operating transfers out $300,000, salaries $550,000, equipment $250,000, utilities $400,000, and supplies $100,000.
On July 12, 2020 the city ordered a new computer at an anticipated cost of $117,000. The computer was received on July 16 with an invoice cost of $115,000. Payment was subsequently made on August 15, 2020. The computer has an estimated useful life of five years and no salvage value.
On September 30, 2020 the city transferred cash of $250,000 to the debt service fund to pay bonds and interest coming due. On October 1, 2020 the city retired bonds of $225,000 and related interest of $25,000.
On November 1, 2020, the city assessed property taxes for the current fiscal year of $1,250,000 and based on past history 5% will be uncollectible with the remaining amounts collected within the current fiscal year.
On January 1, 2021 the state awarded a grant of $10,000 to the city to make the city hall handicap accessible. On January 31, 2021 the city completed and paid $20,000 for the cost of making the handicap accessible modifications to city hall.
Bonds with a face value of $900,000 were issued on April 1, 2021 to build a road. The bonds were issued at face value and carry a 6% interest rate with semiannual payments of interest and on September 30 and March 31 and mature on March 31, 2031.
On June 30, 2021 the city received a donation of marketable securities valued at $250,000 under terms of a trust agreement. The principal amount is to be kept intact. Earnings generated by the securities are to be used for scholarships for residents of the city who attend Warburg College.

Required:

Prepare journal entries to record the above (include all necessary related entries for each item and, for simplicity, assume use of cash for payments) in both the fund-based and government-wide financial statements. For fund based entries, designate the fund; for government-wide entries, designate the column. If the entry is the same, you may write same entry for the government-wide entries. If there is no entry, write no entry.