Please answer question 1 [Para. 5-a-1] 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 at this time in otheraffected 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.)

A capital project seems to be an investment in acquiring or developing a large fixed asset. Capital…

Chapter 5 Recording Capital Asset Transactions Street Improvement Capital Projects Fund and Governmental Activities at the Government-wide Level During late 2022, the voters of the City of Smithville authorized tax-supported bond issues totaling $9,000,000 as partial financing for projects to construct the extension of two streets and the related curbs, culverts, and storm sewers in the city. The estimated total cost of the projects, which are expected to extend over the next three years, was

Chapter 5 Recording Capital Asset Transactions Street Improvement Capital Projects Fund and Governmental Activities at the Government-wide Level During late 2022, the voters of the City of Smithville authorized tax-supported bond issues totaling $9,000,000 as partial financing for projects to construct the extension of two streets and the related curbs, culverts, and storm sewers in the city. The estimated total cost of the projects, which are expected to extend over the next three years, was

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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