4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000·offset by assigned fund balance in the same amount. 1.. During the year, the Village signed contracts for bridge repairs that- amounted to $440,000.¶| 2. The bridge repairs were completed and an invoice was received for $435,000, of which $362,000 was paid in cash.| 3.>The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $2,500. This amount is not related to the bridge repairs under the state grant. 4. The state government paid the Village $412,000 on work completed- under the grant before year-end. Required: a.>Prepare thejournal entries for the above transactions. Prepare Closing entries for year-end.| b.>Prepare a Statement of Revenues, Expenditures, and Changes in- Fund Balance for the special revenue fund.| c.>Prepare a Balance Sheet.
4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and Highway Fund (a special revenue fund) has cash of $336,000·offset by assigned fund balance in the same amount. 1.. During the year, the Village signed contracts for bridge repairs that- amounted to $440,000.¶| 2. The bridge repairs were completed and an invoice was received for $435,000, of which $362,000 was paid in cash.| 3.>The special revenue fund reimbursed the General Fund for a payment the General Fund made on behalf of the Street and Highway Fund in the amount of $2,500. This amount is not related to the bridge repairs under the state grant. 4. The state government paid the Village $412,000 on work completed- under the grant before year-end. Required: a.>Prepare thejournal entries for the above transactions. Prepare Closing entries for year-end.| b.>Prepare a Statement of Revenues, Expenditures, and Changes in- Fund Balance for the special revenue fund.| c.>Prepare a Balance Sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:4–10. Assume at the beginning of 2020 the Village of Ashlawn Street and
Highway Fund (a special revenue fund) has cash of $336,000 offset by
assigned fund balance in the same amount.
1.. During the year, the Village signed contracts for bridge repairs that
amounted to $440,000.|
2.>The bridge repairs were completed and an invoice was received for
$435,000, of which $362,000 was paid in cash.
3.>The special revenue fund reimbursed the General Fund for a payment the
General Fund made on behalf of the Street and Highway Fund in the amount
of $2,500. This amount is not related to the bridge repairs under the state grant.
4. The state government paid the Village $412,000 on work completed
under the grant before year-end. Required:|
a.>Prepare thejournal entries for the above transactions. Prepare Closing
entries for year-end.|
b.>Prepare a Statement of Revenues, Expenditures, and Changes in·
Fund Balance for the special revenue fund.
c.>Prepare a Balance Sheet.
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