Residents from the Town of Mountain View authorized a $8,100,000 renovation to their historic town hall on November 15, 2022. Financing for the project consists of $3,200,000 from a 3 percent serial bond Issue, $2,600,000 from a state grant, and $2,300,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. You may ignore entries in the General Fund. The town has a calendar year-end. Required Prepare Journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) Transaction Fund/Governmental Activities General Journal Debit Credit a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $340,000 are expected to be collected in 2023; the only appropriation is expected to be six months of interest on the serial bond. Debt Service fund Capital Projects Fund Governmental Activities b. The town transfers $2,300,000 from the General Fund to a newly established capital projects fund. Debt Service fund b Capital Projects Fund Governmental Activities c. Planning and architect's fees for the town hall renovation are paid in the amount of $300,000. Debt Service fund Capital Projects Fund Governmental Activities
Residents from the Town of Mountain View authorized a $8,100,000 renovation to their historic town hall on November 15, 2022. Financing for the project consists of $3,200,000 from a 3 percent serial bond Issue, $2,600,000 from a state grant, and $2,300,000 from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar of sales in the city. You may ignore entries in the General Fund. The town has a calendar year-end. Required Prepare Journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental activities at the government-wide level. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) Transaction Fund/Governmental Activities General Journal Debit Credit a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $340,000 are expected to be collected in 2023; the only appropriation is expected to be six months of interest on the serial bond. Debt Service fund Capital Projects Fund Governmental Activities b. The town transfers $2,300,000 from the General Fund to a newly established capital projects fund. Debt Service fund b Capital Projects Fund Governmental Activities c. Planning and architect's fees for the town hall renovation are paid in the amount of $300,000. Debt Service fund Capital Projects Fund Governmental Activities
Chapter6: Business Expenses
Section: Chapter Questions
Problem 78IIP
Related questions
Question
Transcribed Image Text:Residents from the Town of Mountain View authorized a $8,100,000 renovation to their historic town hall on November 15, 2022.
Financing for the project consists of $3,200,000 from a 3 percent serial bond Issue, $2,600,000 from a state grant, and $2,300,000
from the General Fund. Debt service for the serial bonds will be provided by a one-quarter-cent city sales tax imposed on every dollar
of sales in the city. You may Ignore entries in the General Fund. The town has a calendar year-end.
Required
Prepare Journal entries to record the related transactions in the town's capital projects fund, debt service fund, and governmental
activities at the government-wide level. (Do not round Intermediate calculations. If no entry is required for a transaction/event,
select "No Journal Entry Required" In the first account field.)
Transaction Fund/Governmental Activities
General Journal
Debit
Credit
a. Record the 2023 budget for the Serial Debt Service Fund. Sales taxes of $340,000 are expected to be collected in 2023; the only appropriation is expected
to be six months of interest on the serial bond.
a
Debt Service fund
Capital Projects Fund
Governmental Activities
b. The town transfers $2,300,000 from the General Fund to a newly established capital projects fund.
Debt Service fund
b
Capital Projects Fund
Governmental Activities
c. Planning and architect's fees for the town hall renovation are paid in the amount of $300,000.
Debt Service fund
C
Capital Projects Fund
Governmental Activities
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you