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Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, 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 Transaction General Journal Debit Activities 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to governmental activities. Capital Projects Fund Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. 1 Govemmental Activities Credit Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Governmental Activities 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 Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. 2

Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, 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 Transaction General Journal Debit Activities 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to governmental activities. Capital Projects Fund Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. 1 Govemmental Activities Credit Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Governmental Activities 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 Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. 2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, 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 Transaction General Journal Debit Activities 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to governmental activities. Capital Projects Fund Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. Govemmental Activities 2 Credit Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Governmental Activities. 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 Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund.
Transcribed Image Text:Santa Maria Village received voter approval to issue bonds for construction of a bike path, including restrooms and picnic shelters, 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 Transaction General Journal Debit Activities 1. The village sells $3,600,000 of 3 percent construction-related bonds at par. The construction is related to governmental activities. Capital Projects Fund Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Capital Projects Fund. Govemmental Activities 2 Credit Record the sale of $3,600,000 3% construction-related bonds at par in connection with governmental activities in Governmental Activities. 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 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 Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. 2 Governmental 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. 3 Capital Projects Fund Governmental Activities 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.
Transcribed Image Text: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 Capital Projects Fund Record the payment of $166,000 initial expenses on the short-term note payable in Capital Projects Fund. 2 Governmental 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. 3 Capital Projects Fund Governmental Activities 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.
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