The following are a number on unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. Non of the transactions has been recorded yet.

Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction.

1. The General Fund collected and transferred $880,000 in tax collections to the debt service fund; $850,000 of this amount was used to retire outstaqnding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds.

Debit Credit

1a. General fund: Record the receipt of cash from tax collections

1b. Record the transfer of cash collected from taxes to the debt services fund.

1c. Debt Service Fund: Record the transfer of cash collected from taxes to the debt service fund.

1d. Record the payment of principle and interest to retire the bonds.

1e. Governmental Activities: Record the receipt of cash from tax collections.

1f. Record the payment of principal and interest o retire the bonds.

2. A $87,800,000 issue of serial bonds to finance a capital project was sold at 104 plus accrued interest in the amount of $88,000. The accrued interest and the premium were recorded in the debt service fund. Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal.

2. Capital Projects Fund:

Debt Service Fund

Governmental Activities

3. The debt service fund made in $130,000 capital lease payment, of which $18,682 was interest. Funds used to make the lease payment came from a capital grant received by the special revenue fund.

3a. Special Revenue Fund: Record cash received as gapital grant.

3b. Record the transfer of fund for lease payment to the debt service fund.

3c. Debt Service Fund: Record the transfer of fund for lease payment from the special revenue fund.

3d. Record the principle and interest on lease paid.

3e. Governmental Activities: Record cash received as capital grant.

3f. Record the principle and interest on lease paid.

4. Tax-supported serial bonds with a $8,200,000 par value were issued in cash to permit partial refunding of a $8,800,000 par value issued of term bonds. The difference was settled with $600,000 that had been accumulated in prior years in a debt service fund. Assume that the terms bonds had been issued several years earlier at par.

4a. Debt Services Fund: Record the issue tax-suported serial bonds for partial refund of term bonds.

4b. Record the refund of the par value bonds.

4c. Governmental Activites: Record the issue of tax-supported serial bonds for partial refund of term bonds.

4d. Record the refund of the par value bonds.

5. Four monthis prior to year-end, 7 percent special assessment bonds totaling $570,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $18,000 installment will be due fromproperty owners six months after the initial bond issuance, but no deb payments are due in the first year.

5a. Debt Service Fund: Record the issue of special assessment bonds.

5b. Record the current and deferred installment receivable from the local subdivision.

5c. Governmental Activities: Record the issue of special assessment bonds.

5d. Record the current and deferred installment receivable from the local subdivision.

5e. Record the interest payable on the special assesment debt.

6. Marketable equity securities held by the debt service fund increased in value by $13,300 during the year.

6. Debt Service Fund:

Governmental Activities: