edkncesThe citizens of Spencer County approved the issuance of $2,024,000 in 6 percent general obligation bonds to finance theconstruction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of thecourthouse annex capital project fund follows:Trial Balance-December 31, 2024CashContract payableDue from state governmentEncumbrancesExpenditures-capitalIntergovernmental grantOther Financing Sources: premium on bondsOther Financing Sources: proceeds sale of bondsBudgetary fund balance-Reserve for encumbrancesOther Financing Uses: Transfer outRequired AComplete this question by entering your answers in the tabs below.Required B Required CView transaction listDebits$916,000Journal entry worksheet1208,000116,0001,862,00065,000$3,167,000Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted toconstruction of the courthouse annex.2Credits$559,000Prepare any closing entries necessary at year-end.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.403,00065,0002,024,000116,000$3,167,000Record the closing entry to transfer revenue and expenditure to fund balance.

Government funds require two financial statements, balance sheet and statement of revenues,…

The citizens of Spencer County approved the issuance of $2,024,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2024 Cash Contract payable. Due from state government Encumbrances Expenditures-capital Intergovernmental grant Other Financing Sources: premium on bonds Other Financing Sources: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances Other Financing Uses: Transfer out Debits $916,000 208,000 116,000 1,862,000 65,000 $3,167,000 Credits $559,000 403,000 65,000 2,024,000 116,000 $3,167,000

The citizens of Spencer County approved the issuance of $2,024,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Trial Balance-December 31, 2024 Cash Contract payable. Due from state government Encumbrances Expenditures-capital Intergovernmental grant Other Financing Sources: premium on bonds Other Financing Sources: proceeds sale of bonds Budgetary fund balance-Reserve for encumbrances Other Financing Uses: Transfer out Debits $916,000 208,000 116,000 1,862,000 65,000 $3,167,000 Credits $559,000 403,000 65,000 2,024,000 116,000 $3,167,000

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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