Santa Maria Village received voter approval to issue bonds for construction of a bike path, Including...
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Santa Maria Village received voter approval to issue bonds for construction of a bike path, Including restrooms and picnic sheiters, along village oceanfront. The finance department has discussed three different financing mechanisms. As a new accountant for the village, you want to be prepared to record each option. Required Prepare journal entries for capital projects fund and the government-wide governmental activities general journal for each of the following unrelated transactions. (The General Fund should not be used.) (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to govermmental activities. Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. Capital Projects Fund Govemmental Activities Record the sale of $3,600,000 3% construction-related bonds at par in connection with govemmental activities in Governmental Activities. 2. The village secures a bond anticipation note payable in the armount of $166,000 to pay initial expenses. This note is considered short-term. 2 Capital Projects Fund Record the payment of $166.000 initial expenses on the short-term note payable in Capital Projects Fund. 2. The village secures a bond anticipation note payable in the amount of $166,000 to pay initial expenses. This note is considered short-term. 2. Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. Govemmental Activities Record the payment of $166,000 initial expenses on the short-term note payable in Governmental Activities. 3. The village secures a bond anticipation note in the amount of $660,000 to pay initial expenses for construction of a convention center. The debt is considered long-term. Capital Projects Fund Record the payment of $660,000 initial expenses for construction of convention center on the long-term note payable in Capital Projects Fund. Record the payment of $660,000 initial expenses for construction of convention center on the long-term note payable in Govemmental Activities. Governmental Activities Santa Maria Village received voter approval to issue bonds for construction of a bike path, Including restrooms and picnic sheiters, along village oceanfront. The finance department has discussed three different financing mechanisms. As a new accountant for the village, you want to be prepared to record each option. Required Prepare journal entries for capital projects fund and the government-wide governmental activities general journal for each of the following unrelated transactions. (The General Fund should not be used.) (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Fund / Governmental Activties Transaction General Journal Debit Credit 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to govermmental activities. Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. Capital Projects Fund Govemmental Activities Record the sale of $3,600,000 3% construction-related bonds at par in connection with govemmental activities in Governmental Activities. 2. The village secures a bond anticipation note payable in the armount of $166,000 to pay initial expenses. This note is considered short-term. 2 Capital Projects Fund Record the payment of $166.000 initial expenses on the short-term note payable in Capital Projects Fund. 2. The village secures a bond anticipation note payable in the amount of $166,000 to pay initial expenses. This note is considered short-term. 2. Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. Govemmental Activities Record the payment of $166,000 initial expenses on the short-term note payable in Governmental Activities. 3. The village secures a bond anticipation note in the amount of $660,000 to pay initial expenses for construction of a convention center. The debt is considered long-term. Capital Projects Fund Record the payment of $660,000 initial expenses for construction of convention center on the long-term note payable in Capital Projects Fund. Record the payment of $660,000 initial expenses for construction of convention center on the long-term note payable in Govemmental Activities. Governmental Activities
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Related Book For
Quantitative Methods for Business
ISBN: 978-0840062345
12th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
Posted Date:
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