The Village of Oakridge, which was incorporated recently, began financial operations on July 1, 2012, the beginning of its fiscal year. The following transactions occurred during this first fiscal year, July 1, 2012, to June 30, 2013.
1. The Village Council adopted a budget for general operations during the fiscal year ended June 30, 2012. Revenues were estimated at $400,000. Legal authorizations for budgeted expenditures were $394,000.
2. Property taxes were levied in the amount of $390,000; it was estimated that 2% of this amount would prove to be uncollectible. These taxes are available as of the date of levy to finance current expenditures.
3. During the year, a resident of the village donated marketable securities valued at $50,000 to the village under the terms of a trust agreement. The terms of the trust agreement stipulated that the principal amount is to be kept intact; 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, 2013.
4. A General Fund transfer of $5,000 was made to establish an Internal Service Fund to provide for a permanent investment in inventory.
5. During the year the Internal Service Fund purchased various supplies at a cost of $1,900.
6. Cash collections recorded by the General Fund during the year were as follows:
Property taxes $386,000 Licenses and permits 7,000
7. 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. It was decided that general obligation bonds bearing interest at 6.5% would be issued. On June 30, 2013, the bonds were issued at their face value of $500,000, payable June 30, 2030. No contracts have been signed for this project, and no expenditures have been made.
8. A fire truck was purchased for $150,000 and the voucher approved and paid by the General Fund. This expenditure was previously encumbered for $150,000.

Required:
Part A: Prepare journal entries to record each of the transaction above in the appropriate fund(s) of Oakridge Village for the fiscal year ended June 30, 2013. Use the following funds:
General ...... Fund
Capital ...... Projects
Fund ........ Internal
Service......... Fund
Permanent...... Fund
Special Revenue..... Fund
Each journal entry should be numbered to correspond with the transactions described above.
Do not prepare closing entries for any fund. Present your answer in the following format:

Part B: For transactions 7 and 8, describe how the information would be reflected on the government-wide financial statements (if atall).

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Amounts Account Title and Explanation Transaction Number Fund Debit Credit 9