Newport Village was recently incorporated and began financial operations on January 1,20X8,the beginning of its fiscal year.The following transactions occurred during this first fiscal year,January 1,20X8,to December 31,20X8:
1.The village council adopted a budget for general operations for the fiscal year ending December 31,20X8.Revenue was estimated at $650,000.Legal authorizations for budgeted expenditures totaled $620,000.
2.Property taxes were levied in the amount of $630,000; 3 percent of this amount was estimated to prove uncollectible.These taxes are available as of the date of levy to finance current expenditures.
3.During the year,a village resident donated marketable securities valued at $75,000 to the village under the terms of a trust agreement which stipulates that the principal amount be kept intact.The revenue generated by the securities is restricted to providing support to the village library.Revenue earned and received on these amounted to $3,000 through December 31,20X8.
4.A general fund transfer of $8,000 was made to establish an internal service fund to provide for a permanent investment in inventory.
5.The village decided to construct a small recreation facility through a special assessment project authorized to do so at a cost of $100,000.The city is obligated if the property owners default on their special assessments.Special assessment bonds were issued in the amount of $90,000,and the first year's special assessment of $22,500 was levied against the village's property owners.The remaining $10,000 for the project will be contributed from the village's general fund.
6.The special assessments for the lighting project are due over a four-year period,and the first year's assessments of $22,500 were collected.The $10,000 transfer from the village's general fund was received by the lighting capital projects fund.
7.A contract for $100,000 was let for the installation of the lighting.The capital projects fund was encumbered for the contract.On December,20X8,the contract was completed and the contractor was paid.
8.During the year,the internal service fund purchased various supplies at a cost of $3,000.
9.Current property taxes collected during the year was $615,000.Licenses and permit fees collected amounted to $15,000.The allowance for estimated uncollectible taxes is adjusted to $15,000.
Required:
Prepare journal entries to record each of these transactions in the appropriate fund or funds of Newport Village for the fiscal year ended December 31,20X8.Use the following funds: general fund,capital projects fund,internal service fund,and private-purpose trust fund.Closing entries are not required.Organize your answer using the following format:

Problem 83 (continued):

Question

Newport Village was recently incorporated and began financial operations on January 1,20X8,the beginning of its fiscal year.The following transactions occurred during this first fiscal year,January 1,20X8,to December 31,20X8:
1.The village council adopted a budget for general operations for the fiscal year ending December 31,20X8.Revenue was estimated at $650,000.Legal authorizations for budgeted expenditures totaled $620,000.
2.Property taxes were levied in the amount of $630,000; 3 percent of this amount was estimated to prove uncollectible.These taxes are available as of the date of levy to finance current expenditures.
3.During the year,a village resident donated marketable securities valued at $75,000 to the village under the terms of a trust agreement which stipulates that the principal amount be kept intact.The revenue generated by the securities is restricted to providing support to the village library.Revenue earned and received on these amounted to $3,000 through December 31,20X8.
4.A general fund transfer of $8,000 was made to establish an internal service fund to provide for a permanent investment in inventory.
5.The village decided to construct a small recreation facility through a special assessment project authorized to do so at a cost of $100,000.The city is obligated if the property owners default on their special assessments.Special assessment bonds were issued in the amount of $90,000,and the first year's special assessment of $22,500 was levied against the village's property owners.The remaining $10,000 for the project will be contributed from the village's general fund.
6.The special assessments for the lighting project are due over a four-year period,and the first year's assessments of $22,500 were collected.The $10,000 transfer from the village's general fund was received by the lighting capital projects fund.
7.A contract for $100,000 was let for the installation of the lighting.The capital projects fund was encumbered for the contract.On December,20X8,the contract was completed and the contractor was paid.
8.During the year,the internal service fund purchased various supplies at a cost of $3,000.
9.Current property taxes collected during the year was $615,000.Licenses and permit fees collected amounted to $15,000.The allowance for estimated uncollectible taxes is adjusted to $15,000.
Required:
Prepare journal entries to record each of these transactions in the appropriate fund or funds of Newport Village for the fiscal year ended December 31,20X8.Use the following funds: general fund,capital projects fund,internal service fund,and private-purpose trust fund.Closing entries are not required.Organize your answer using the following format:
  
Problem 83 (continued):

Quizplus · Accepted Answer

The Answer of Newport Village was recently incorporated and began financial operations on January 1,20X8,the beginning of its fiscal year.The following transactions occurred during this first fiscal year,January 1,20X8,to December 31,20X8:
1.The village council adopted a budget for general operations for the fiscal year ending December 31,20X8.Revenue was estimated at $650,000.Legal authorizations for budgeted expenditures totaled $620,000.
2.Property taxes were levied in the amount of $630,000; 3 percent of this amount was estimated to prove uncollectible.These taxes are available as of the date of levy to finance current expenditures.
3.During the year,a village resident donated marketable securities valued at $75,000 to the village under the terms of a trust agreement which stipulates that the principal amount be kept intact.The revenue generated by the securities is restricted to providing support to the village library.Revenue earned and received on these amounted to $3,000 through December 31,20X8.
4.A general fund transfer of $8,000 was made to establish an internal service fund to provide for a permanent investment in inventory.
5.The village decided to construct a small recreation facility through a special assessment project authorized to do so at a cost of $100,000.The city is obligated if the property owners default on their special assessments.Special assessment bonds were issued in the amount of $90,000,and the first year's special assessment of $22,500 was levied against the village's property owners.The remaining $10,000 for the project will be contributed from the village's general fund.
6.The special assessments for the lighting project are due over a four-year period,and the first year's assessments of $22,500 were collected.The $10,000 transfer from the village's general fund was received by the lighting capital projects fund.
7.A contract for $100,000 was let for the installation of the lighting.The capital projects fund was encumbered for the contract.On December,20X8,the contract was completed and the contractor was paid.
8.During the year,the internal service fund purchased various supplies at a cost of $3,000.
9.Current property taxes collected during the year was $615,000.Licenses and permit fees collected amounted to $15,000.The allowance for estimated uncollectible taxes is adjusted to $15,000.
Required:
Prepare journal entries to record each of these transactions in the appropriate fund or funds of Newport Village for the fiscal year ended December 31,20X8.Use the following funds: general fund,capital projects fund,internal service fund,and private-purpose trust fund.Closing entries are not required.Organize your answer using the following format:
  
Problem 83 (continued):

Newport Village Was Recently Incorporated and Began Financial Operations on January