Question
The City of Mountain View had the following transactions during the year, none of which have...
The City of Mountain View had the following transactions during the year, none of which have been recorded yet. Some of the transactions affect governmental activities.
- Mountain View issued $6 million worth of serial bonds at 98 plus accrued interest in the amount of $50,000. The premium and accrued interest were recorded in the Debt Service Fund. Accrued interest on bond sold must be used for interest payments.
- The city's General Fund collected and transferred $650,000 in tax collections to the Debt Service Fund. $450,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make interest payments on outstanding serial bonds.
Prepare in general journal form the necessary entries in the governmental activities and appropriate fund journals for each transaction.
Answers
Part 1
1
Capital Projects Fund:
Cash
6000000
Other Financing Sources—Proceeds of Bonds
6000000
Debt Service Fund:
Other Financing Uses—Discount on Bonds Payable (6,000,000 X 0.02)
120000
Revenues
50000
Cash
70000
Governmental Activities:
Cash
5930000
Discount on Bonds Payable
120000
Bonds Payable
6000000
Interest payable
50000
Part 2
1
General Fund:
Cash
650000
Revenues
650000
Other Financing Uses—Interfund Transfers Out
650000
Cash
650000
Debt Service Fund:
Cash
650000
Other Financing Sources—Interfund Transfer In
650000
Expenditures - Principal
450000
Expenditures – Interest
200000
Cash
650000
Governmental Activities:
Cash
650000
General Revenue - Taxes
650000
Expenses – Interest on Long-Term Debt
200000
Bonds Payable
450000
Cash
650000
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