The following information relates to Vane City during the year ended December 31, 20X8: 1. On October 31, 20X8, to finance the construction of a city hall annex, Vane issued 8 percent, 10-year general obligation bonds at their face value of $800,000. A contractor's bid of $750,000 was accepted for the construction. By year-end, one-third of the contract had been completed at a cost of $246,000, all of which was paid on January 5, 20X9. 2. Vane collected $109,000 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund incurred and paid $81,000 for general promotions and $22,000 for a motor vehicle. Estimated revenues for 20X8 were $112,000; appropriations were expected to be $108,000. 3. General fund revenues of $313,500 for 20X8 were transferred to a debt service fund and used to repay $300,000 of 9 percent, 15- year term bonds, which matured in 20X8, and to repay $13,500 of matured interest. The bond proceeds were used to construct a citizens' center. 4. At December 31, 20X8, Vane was responsible for $83,000 of outstanding encumbrances in its general fund. The city uses the + nonlapsing method to account for its outstanding encumbrances. 5. Vane uses the purchases method to account for supplies in the general fund. At December 31, 20X8, an inventory indicated that the supplies inventory was $42,000. At December 31, 20X7, the supplies inventory was $45,000. Required: For each numbered item above, make all the journal entries in all funds affected for the year ended December 31, 20X8. Do not make any adjusting/closing entries for items (1). (2), and (3). (Select the appropriate fund for each situation. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund General Journal Debit Credit 1. On October 31, 20X8, to finance the construction of a city hall annex, Vane issued 8 percent, 10-year general obligation bonds at their face value of $800,000. A contractor's bid of $750,000 was accepted for the construction. By year-end, one-third of the contract had been completed at a cost of $245.000 all of which was oaid on January 5, 20X9 C Transaction Fund General Journal Debit Credit 1. On October 31, 20X8, to finance the construction of a city hall annex, Vane issued 8 percent, 10-year general obligation bonds at their face value of $800,000. A contractor's bid of $750,000 was accepted for the construction. By year-end, one-third of the contract had been completed at a cost of $246,000, all of which was paid on January 5, 20X9 1 Record the entry for the issuance of $800,000 of bonds at their face value. Record the entry for the contractor's accepted bid Record the entry for one-third of the project being completed during 20X8 Record the actual construction costs incurred during 20X8. Record the actual construction costs incurred during 20X8 2. Vane collected $109,000 from hotel room taxes restricted for tourist promotion in a special revenue fund. The fund incurred and paid $81,000 for general promotions and $22,000 for a motor vehicle. Estimated revenues for 20X8 were $112,000, appropriations were expected to be $108,000 2 Record the budget for 20X8 Record the collection of hotel room taxes. Record the expenditures incurred for general promotions and the motor vehicle Record the expenditures incurred for general promotions and the motor vehicle. Record the payment of the expenditures. 3. General fund revenues of $313,500 for 20X8 were transferred to a debt service fund and used to repay $300,000 of 9 percent, 15- year term bonds, which matured in 20X8, and to repay $13,500 of matured interest. The bond proceeds were used to construct a citizens' center. 3 General Fund Record the transfer of resources to the Debt Service Fund Record the transfer of resources from the General Fund. Record the principal that is legally due and payable. Record the payment of the matured bonds and interest 4. At December 31, 20X8, Vane was responsible for $83,000 of outstanding encumbrances in its general fund. The city uses the nonlapsing method to account for its outstanding encumbrances. Record the entry to close the outstanding encumberances at year-end. Recorded the entry to reserve the actual fund balance for encumberances expected to be honored in 20x9 nonlapsing method to account for its outstanding encumbrances. 4 Record the entry to close the outstanding encumberances at year-end. Recorded the entry to reserve the actual fund balance for encumberances expected to be honored in 20X9. 5. Vane uses the purchases method to account for supplies in the general fund. At December 31, 20X8, an inventory indicated that the supplies inventory was $42,000. At December 31, 20X7, the supplies inventory was $45,000 5 Record the entry to adjust the inventory of supplies balance on December 31, 20X8