REQUIRED: Prepare journal entries for the
following related transactions only in
the capital projects fund for the City of Sage 
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REQUIRED: Prepare journal entries for the
following related transactions only in
the capital projects fund for...
Prepare journal entries for the following related transactions in the fund and activity journals affected. (If...
Prepare journal entries for the following related transactions in the fund and activity journals affected. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract...
Journal entries for a Capital Projects Fund The City of West Hutchison is constructing a new...
Journal entries for a Capital Projects Fund The City of West Hutchison is constructing a new road, which it estimates will cost $7.2 million. The city will finance the road with an expenditure-driven state construction grant of $1.2 million and a bond issuance of $6 million. Prepare journal entries to record the following transactions and events for the city’s Capital Projects Fund during calendar year 2019. No budgetary entries other than encumbrances should be recorded. 1. The city receives $6.2...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each...
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.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
Prepare journal entries to record the following transactions of a state, identifying the funds affected by...
Prepare journal entries to record the following transactions of a state, identifying the funds affected by each transaction. Record journal entries for all funds affected. The state prepares a budget for the Capital Projects Fund and uses encumbrance accounting in that fund. The state records its capital budget. It appropriates $10 million for highway construction, which will be financed entirely with the issuance of bonds. The state sells 20-year 6% bonds having a face value of $10 million. The bonds...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions....
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the San Jacinto County...
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the San Jacinto County Courthouse Capital Projects Fund for the year ended June 30, 20X9, given the following information: 1. In June 20X8, a $10,000,000 bond referendum is voted for and approved by the citizens of San Jacinto County for the construction of a new courthouse. 2. On July 1, 20X8, a Capital Projects Fund is established for this project with a transfer of $500,000 from the General...
Prepare journal entries in general journal form
The following events take place:1.2.3.James Smith died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,200 an acre.The city authorized the transfer of $110,000 of general revenues and the issuance of $1,050,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par.The improvements were completed at a...
Prepare journal entries for each of the following transactions entered into by the City of Loveland....
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Transaction Fund / Governmental Activties General Journal Debit Credit 1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition value of $5,200,000 and...
Question 4 Prepare journal entries to record the following transactions in the City of Brock's Capital...
Question 4 Prepare journal entries to record the following transactions in the City of Brock's Capital Projects Fund during its 2019 fiscal year 1. The City of Brock issues $10 million face value of general obligation bonds to build a new water park. The City received an extra $500,000 million as a bond premium. The bond covenant states that bond premiums must be used for debt service.(This requires a journal entry for the bond issuance and a second journal entry...
Journal entries, financial statements, and closing entries for a Capital Projects Fund The following transactions occurred during the fiscal year July 1, 2018 to June 30, 2019: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $120,000,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The buildings will be financed by a federal expenditure driven grant of $25,000,000 and...
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.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
Question 4 Prepare journal entries to record the following transactions in the City of Brock's Capital Projects Fund during its 2019 fiscal year 1. The City of Brock issues $10 million face value of general obligation bonds to build a new water park. The City received an extra $500,000 million as a bond premium. The bond covenant states that bond premiums must be used for debt service.(This requires a journal entry for the bond issuance and a second journal entry...
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