Following are a number of unrelated transactions for the Village of Centerville,

Question

Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet.

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.)

Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet.

Explanation / Answer

Solution :-

(1).

(2).

Interest Payable

Premium on bonds payable ($6,300,000 × 0.07)

$63,000

$441,000

(3).

(4)

Particulars Debit Credit General fund: Cash Account $630,000 Revenues Account $630,000 Other financing uses - Interfund: Transfered out $630,000 Cash Account $630,000 Debt service fund: Cash $630,000 Other financing sources - interfund Transfer - in $630,000 Expenditures - Principal $540,000 Expenditures - Interest $90,000 Cash $630,000 Government Activities: Cash $630,000 General Revenues - Taxes $630,000 Expenses - Interest on long term debt $90,000 Bonds payable $540,000 Cash $630,000

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