8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and the contractor for the project requested a final payment of $1,650,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2023. Required: Record these transactions in both the Street Improvement Fund and governmental activities journals. Because the project is completed, all encumbrances for the project should be closed.
8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and the contractor for the project requested a final payment of $1,650,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2023. Required: Record these transactions in both the Street Improvement Fund and governmental activities journals. Because the project is completed, all encumbrances for the project should be closed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please answer question 8 [Para. 5-a-8]
![8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and
the contractor for the project requested a final payment of $1,650,000. This
amount was recorded as a liability. Payment was made, less the retained
percentage, on December 15, 2023.
H
Required: Record these transactions in both the Street Improvement Fund and
governmental activities journals. Because the project is completed, all
encumbrances for the project should be closed.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2F8edc9c28-7a6d-4b84-ba02-aac26f79e033%2Fn8crbem_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and
the contractor for the project requested a final payment of $1,650,000. This
amount was recorded as a liability. Payment was made, less the retained
percentage, on December 15, 2023.
H
Required: Record these transactions in both the Street Improvement Fund and
governmental activities journals. Because the project is completed, all
encumbrances for the project should be closed.
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