OPTIONS

No Journal Entry Required Accrued Interest Payable Allowance for Uncollectible Current Taxes Allowance for Uncollectible Delinquent Taxes Appropriations Assessments ReceivableCurrent Assessments ReceivableUnavailable Bond Anticipation Notes Payable Bond Issuance Expenses Bonds Payable Budgetary Fund Balance Building Cash Construction Expenditures Construction Work in Progress Contracts Payable Contracts Payable - Retained Percentage Deferred Inflow of ResourcesUnavailable revenues Discount on Bonds Payable Encumbrances Encumbrances Outstanding Estimated other financing sources Estimated Revenues ExpendituresBond Interest ExpendituresBond Principal ExpendituresDebt issuance cost ExpendituresInterest on Lease Obligation ExpendituresPrincipal on Lease Obligation ExpensesInterest on Lease ExpensesInterest on Long-term debt ExpensesInterest on Special Assessment debt Fund BalanceRestricted Fund BalanceUnassigned General RevenuesInvestment Earnings General RevenuesTaxes Improvements other than Buildings Interest Expenditures Interest Payable Investments Lease Obligations Payable Notes Payable Other Financing SourcesInterfund Transfers In Other Financing SourcesInterfund Transfers Out Other Financing SourcesPremium on Bonds Payable Other Financing SourcesProceeds of Bond Anticipation Notes Other Financing SourcesProceeds of Bonds Other Financing SourcesProceeds of Refunding Bonds Other Financing SourcesProceeds of Special Assessment Bonds Other Financing UsesDiscount on Bonds Other Financing UsesInterfund Transfers Out Other Financing UsesPayment to Refunded Bond Escrow Agent Other Financing UsesProceeds of Refunding Bonds Other Financing UsesRefunded Bonds Premium on Bonds Payable Prepaid Insurance Costs Program RevenuesGeneral Government Revenues Revenues - Investment earnings RevenuesChange in Fair Value of Investments Special Assessment Debt with Governmental Commitment Taxes ReceivableCurrent Taxes ReceivableDelinquent Term Bonds Payable

Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The General Fund collected and transferred $750,000 in tax collections to the debt service fund: 8800,000 of this amount was used for a principal payment on outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 1a General Fund Record the receipt of cash from tax collections. 1b Record the transfer of cash collected from taxes to the debt service fund. 1c Debt Service Fund Record the transfer of cash collected from taxes to the debt service fund. 1d Record the payment of principal 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 to retire the bonds. 2. A $5,000,000 issue of serial bonds to finance a capital project was sold at 102 plus accrued interest in the amount of $50,000. 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 2a Capital Projects Fund Record the issuance of bonds 2b Debt Service Fund Record the accrued interest and Premium on bonds 20 Governmental Activities Record the issuance of bonds 3. The debt service fund made a $110,000 lease payment, of which $15,809 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 capital grant. 6 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 principal and interest on lease paid. 3e Governmental Activities Record cash received as capital grant. 3f Record the principal and interest on lease paid. 4. Tax-supported serial bonds with a $3,500,000 par value were issued in cash to permit refunding of a $3,500,000 par value issue of term bonds. Assume that the term bonds had been issued several years earlier at par. 4a Debt Service Fund Record the issue of tax-supported serial bonds for partial refund of term bonds. 4b Record the refund of the par value bonds. 4c Governmental Activities 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 months prior to year-end. 3 percent special assessment bonds totaling $500,000 were issued to fund a streetlight improvement project in a local subdivision. The bonds are secondarily backed by the village. The first $25,000 installment will be due from property owners six months after the initial bond issuance, but no debt 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 18 Record the current and deferred installment receivable from the local subdivision. 5e Record the interest payable on the special assessment debt. 6. A $5,000,000 issue of construction bonds was sold at par by the capital projects fund. Debt issuance costs included administrative fees of $45,000 and prepaid insurance costs of $5,000. da Capital Projects Fund Record the issue of construction bonds. Ob Record the debt issuance costs 8 6c Governmental Activities Record the issue of construction bonds. 6d Record the debt issuance costs 7. Due to an unexpected change in interest rates, a village issued a $2.500.000 bond at 98 percent of par value. The bond was issued to fund construction of a bike path, including restrooms and picnic shelters. It is expected that the shortage of cash will be covered by a future transfer from another fund. 7a Capital Projects Fund Record the issuance of bonds 7b Governmental Activities Record the issuance of bonds 8. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan to repay this note within three months with tax revenues. 8a Capital Projects Fund Record the issuance of Notes payable 8b Governmental Activities Record the issuance of Notes payable 9. A county secures a bond anticipation note in the amount of $500,000 to pay initial expenses for construction of a convention center. The board of county commissioners recommended that the finance department refinance the bond anticipation note by issuing a construction bond when construction activity begins. ga Capital Projects Fund Record the issuance of Bond anticipation note 9b Governmental Activities Record the issuance of Bond anticipation