The genoral And cash colloctions mocorblod during the your ane as follows:Olivia Village was recently incorporated and began financial operations on July $1,20$X$2,$ the beginning of its fiscal year. The following transactions occurred during this first fiscal year, July $1,20$X$2,$ to June $30,20$X$3$:

The village council adopted a budget for general operations for the fiscal year ending June $30,20$X$3.$ Revenue was estimated at $$400,000.$ Legal authorizations for budgeted expenditures totaled $$394,000.$

Property taxes of $$390,000$ were levied; $2$ percent of this amount was estimated to be uncollectible. These taxes are available to finance current expenditures as of the date of levy.

During the year, a village resident donated marketable securities valued at $$50,000$ to the village under the terms of a trust agreement that stipulated that the principal amount be kept intact. The use of revenue generated by the securities is restricted to financing college scholarships for needy students. Revenue earned and received on these marketable securities amounted to $$5,500$ through June $30,20$X$3.$

A general fund transfer of $$5,000$ was made to establish an internal service fund to provide for a permanent investment in inventory.

The village decided to install lighting in the village park financed through an authorized special assessment project at a cost of $$75,000.$ The city is obligated if the property owners default on their special assessments. The village issued special assessment bonds in the amount of $$72,000$ and levied the first year$$s special assessment of $$24,000$ against the village$$s property owners. The remaining $$3,000$ for the project will be contributed from the village$$s general fund.

The special assessments for the lighting project are due over a three$-$year period, and the first year$$s assessments of $$24,000$ were collected. The $$3,000$ transfer from the village$$s general fund was received by the lighting capital projects fund.

A contract for $$75,000$ was let for the lighting installation. The capital projects fund was encumbered for the contract. On June $30,20$X$3,$ the contract was completed, and the contractor was paid.

During the year, the internal service fund purchased various supplies at a cost of $$1,900.$

The general fund cash collections recorded during the year are as follows:

Current property taxes $ $386,000$

Licenses and permit fees $7,000$

The allowance for estimated uncollectible taxes is adjusted to $$4,000.$

The village council decided to build a village hall at an estimated cost of $$500,000$ to replace space occupied in rented facilities. The village does not record project authorizations. The council decided to issue general obligation bonds bearing interest at $6$ percent. On June $30,20$X$3,$ the bonds were issued at face value of $$500,000,$ payable in $20$ years. No contracts have been signed for this project, no expenditures have been made, nor has an annual operating budget been prepared.

The voucher for purchasing a fire truck for $$15,000$ was approved and paid by the general fund. This expenditure previously had been encumbered for $$15,000.$

Required:

Prepare journal entries to record properly each of these transactions in the appropriate fund or funds of Olivia Village for the fiscal year ended June $30,20$X$3.$ Do not prepare closing entries for any fund.