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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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