ssignment 6 \\Gon July 1, 2016, The Firs x C eztamheducation.com/hrm.tpx 10.00 p
ID: 2566315 • Letter: S
Question
ssignment 6 Gon July 1, 2016, The Firs x C eztamheducation.com/hrm.tpx 10.00 points Following are a number of unrelated transactions for the Village of Centerville, some of which affect govemmental activities at the govenment-wide level None of the transactions has been recorded yet Required Prepare in general jourmal form the necessary entries in the govenmental activities and appropríate 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. Debit Credit 1. The General Fund collected and transferred $750,000 in tax collections to the debt service fund $710,000 of this amount was used to ransaction Fund General Journal retire 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 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 15 Record the payment of principal and interest to retire the bondsExplanation / Answer
2
3
4
General Fund CASH 750,000 REVENUES 750,000 OTHER FINANCING USES—INTERFUND TRANSFERS OUT 750,000 CASH 750,000 Debt Service Fund CASH 750,000 OTHER FINANCING SOURCES—INTERFUND TRANSFER IN EXPENDITURES—PRINCIPAL 710,000 EXPENDITURES—INTEREST 40,000 CASH 750,000 Governmental AcTviTes CASH 750,000 GENERAL REVENUES—TAXES 750,000 EXPENSES—INTEREST ON LONG-TERM DEBT 40,000 BONDS PAYABLE 710,000 CASH 750,000Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.