Please answer question 5 [Para. 5-a-5]. I included all supporting information. accrued interest.) For now you should not make the entries in the StreetImprovement Bond Debt Service Fund to record the accrued interest andpremium. Those entries will be made in Chapter 6 of this cumulative problem.3. [Para. 5-a-3] On February 21, 2023, construction bids were opened and analyzed.A bid of $3,300,000 was accepted, and the contract was awarded for the ElmStreet Project. The contract provided for a retained percentage of 5 percent fromeach progress payment, and from the final payment, until final inspection andacceptance by the city's public works inspectors.Required: Record the signing of the contract in the Street Improvement Fundgeneral journal. This transaction has no effect at the government-wide level.4. [Para. 5-a-4] Sales tax revenue of $83,000 was received.Required: Record this transaction in both the Street Improvement Fund andgovernmental activities general journals.5. [Para. 5-a-5] Vouchers payable accumulated to date were paid on March 30,2023.Required: Record this transaction in both the Street Improvement Fund andgovernmental activities general journals.6. [Para. 5-a-6] July 6, 2023, the contractor for the Elm Street Project reported thatthe project was about one-half completed and requested a progress payment of$1,600,000. This amount was paid July 25, 2023, less the 5% retained percentage.Required: Record these transactions in both the Street Improvement Fund andgovernmental activities general journals.7. [Para. 5-a-7] Additional sales taxes were collected in the amount of $278,000 onDecember 1, 2023.Required: Record this transaction in both the Street Improvement Fund andgovernmental activities journals.8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed andthe contractor for the project requested a final payment of $1,650,000. Thisamount was recorded as a liability. Payment was made, less the retainedpercentage, on December 15, 2023.Required: Record these transactions in both the Street Improvement Fund andgovernmental activities journals. Because the project is completed, allencumbrances for the project should be closed. Chapter 5 Recording Capital Asset TransactionsStreet Improvement Capital Projects Fund and Governmental Activities at theGovernment-wide LevelDuring late 2022, the voters of the City of Smithville authorized tax-supported bondissues totaling $9,000,000 as partial financing for projects to construct the extension oftwo streets and the related curbs, culverts, and storm sewers in the city. The estimatedtotal cost of the projects, which are expected to extend over the next three years, was$11,200,000. In addition to the bond financing, voters also approved a special 1 cent salestax to assist in financing the projects. The sales tax begins January 1, 2023 and willcontinue for seven years. The sales tax is projected to generate $380,000 each year.Requireda. Prepare general journal entries as necessary to record the transactions describedbelow in the Street Improvement Fund general journal and, if applicable, in thegovernmental activities general journal. Do not record entries. this time in otheaffected funds; those entries will be made in the later chapters of this cumulativeproblem that cover the affected funds. Use account titles listed under the drop down[Account] menu. Be sure the year 2023 is selected from the drop-down [Year] menuand the appropriate paragraph number shown in bold-face font below is in the [Adddescription] box.1. [Para. 5-a-1] In early 2023, design plans and specifications for the first project,the Elm Street Project, were submitted by a construction engineering firm. Thefirm billed the Street Improvement Fund for $110,000.Required: Record this billing and the related Vouchers Payable liability in theStreet Improvement Fund and governmental activities journals. (Note: thistransaction was not encumbered.)2. [Para. 5-a-2] On February 1, 2023, 2.5% deferred serial bonds with a face valueof $3,000,000 were sold for a total amount of $3,036,250, of which $6,250 wasfor accrued interest from the January 1, 2023 date of the bonds and $30,000 was apremium on the bonds sold. Cash in the amount of the accrued interest andpremium was deposited directly in the Street Improvement Bond Debt ServiceFund. Cash in the amount of $3,000,000 was deposited and recorded in the StreetImprovement Fund.Required: Record these transactions in the Street Improvement Fund andgovernmental activities journals. In addition to recording the liability for bondspayable in the governmental activities journal, you should record the premium onthe bonds payable (credit Premium on Deferred Serial Bonds) and accruedinterest on bonds sold (we recommend that you credit Expenses-Interest onLong-term Debt)in the governmental activities general journal for the $6,250 of

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A voucher seems to be a document utilized by the accounts payable department of a corporation that…