The following transactions and events among others

affected the state

The following transactions and events (among others) affected the state of Texva during
20X6.1. It was discovered that in 20X5, $440,000 of expenditures properly chargeable to
Highway Patrol—Salaries and Wages in the General Fund had been inadvertently charged to the
Highway Department—Salaries and Wages account in Special Revenue Fund #4. The amount
was repaid during 20X6.2. The Health Department, which is financed from Special Revenue
Fund #2, entered a capital lease for equipment with a capitalizable cost of $600,000. (The
capital lease has a 6% effective interest rate and $100,000 was paid upon entering the lease.)3.
Special Revenue Fund #4 was reimbursed for $700,000 of 20X6 salaries and wages for
Highway Department employees working on a bridge construction project, which is financed by
serial bonds and accounted for in Capital Projects Fund #7.4. The first annual $100,000
payment on the Health Department equipment capital lease (transaction 2) was made, and
$60,000 accumulated depreciation was recorded.5. A 3-year advance was made from
unassigned resources of the General Fund to Debt Service Fund #12, $500,000.6. Serial
bonds, $4,000,000, were issued at 96 to finance a construction project being financed from
Capital Projects Fund #7.7. After its accounts were closed for 20X6, the $375,000 net assets
(cash) of term bond Debt Service Fund #1 were transferred to establish Debt Service Fund #14
to service the serial bonds issued at transaction 6, and Debt Service Fund #1 was abolished.8.
Health Department land and buildings—originally purchased through Special Revenue Fund #2
for $50,000 and $450,000, respectively—were sold for $12,000,000, and the proceeds were
recorded in Special Revenue Fund #2. Accumulated depreciation of $300,000 had been
recorded on the buildings.9. Although the actuarially required payment from the General Fund
to the state pension plan was $15,000,000, only $6,000,000 was paid during 20X6. The 20X7
appropriation bill enacted recently provides for another $2,000,000 payment on the 20X6
contribution—which normally would have been paid from assets on hand at the end of 20X6 and
was considered due and payable at that time. The $2,000,000 payment was provided for by
continuing the 20X6 appropriations for that purpose, but it is uncertain when the remaining
$7,000,000 will be paid.RequiredPrepare the journal entries to record these transactions and
events in the general ledgers of the various governmental funds and GCA-GLTL accounts of the
state of Texva. Assume that an appropriate series of Revenues, Expenditures, General Capital
Assets, and General Long-Term Liabilities accounts is used in each general ledger.View
Solution: The following transactions and events among others affected the state
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