The citizens of Spencer County approve the issuance of $2,000,000 in 6 percent genneral obligtions bonds to finance the contruction of a courthouse annex. A capital projects fund was established for that pupose. The precolisning trial balance of the courthouse annex capital project fund follows: Debits: Cash $400,000; due from state government $75,000; Encumbrances $120,000; Expenditures - Capitals $2,160,000; OFU: Transfer Out $25,000 Credit: Contract Payable $250,000; Intergivernmental Grant $385,000; OFS: Premium on bonds $25,00; OFS: proceeds sale of Bonds $2,000,000; Budgetary fund Balamce- Reserve for encumbrance $120,000 Required: a. Prepare any closing entries neccessary at year end. b. Prepare a statement of Revenue, Expenditures, and Changes in Fund Balance for the courthouse annex capital fund project. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpendedresources are restricted to construction of the courthouse annex.
The citizens of Spencer County approve the issuance of $2,000,000 in 6 percent genneral obligtions bonds to finance the contruction of a courthouse annex. A capital projects fund was established for that pupose. The precolisning
Debits: Cash $400,000; due from state government $75,000; Encumbrances $120,000; Expenditures - Capitals $2,160,000; OFU: Transfer Out $25,000
Credit: Contract Payable $250,000; Intergivernmental Grant $385,000; OFS: Premium on bonds $25,00; OFS: proceeds sale of Bonds $2,000,000; Budgetary fund Balamce- Reserve for encumbrance $120,000
Required:
a. Prepare any closing entries neccessary at year end.
b. Prepare a statement of Revenue, Expenditures, and Changes in Fund Balance for the courthouse annex capital fund project.
c. Prepare a
The Statement of Revenue, Expenditures, and Changes in Fund Balance is the income statement of the government funds that is used to track the flow of resources.
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