Question
41. On February 7, 2019, Dolphin City signed a contract with JKL Construction Company in the amount of $12,000,000 for the City Hall project. Record
41. On February 7, 2019, Dolphin City signed a contract with JKL Construction Company in the amount of $12,000,000 for the City Hall project. Record the appropriate journal entries below at the time the contract was signed. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
42. On July 21, 2019, a progress billing (invoice) of $6,500,000 was received from JKL Construction Company for construction work performed. Record the appropriate journal entries below for this progress billing. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
43. On July 31, 2019, the City paid the $6,500,000 progress billing (invoice) amount owed to JKL Construction Company, less 7%, which is being retained under the contract terms pending satisfactory completion of the project. Record the appropriate journal entries below. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
44. After completing the building, JKL Construction Company submitted a final billing of $5,475,000 to the City on December 14, 2019. Record the appropriate journal entries below for this billing. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
45. On December 22, 2019, the City paid the $5,475,000 progress billing (invoice) amount owed to JKL Corporation, less 7%, which is being retained under the contract terms pending final inspection of the building. Record the appropriate journal entries below. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
46. On December 28, 2019, the City Hall passed inspection. The Citys Building Inspector determined that no additional work would be required. As such, the City paid JKL Construction Company the entire $838,250 retained from the previous billings. In addition, the City moved the $11,975,000 total construction costs to a capital asset account. Record the appropriate journal entries below. Label each journal entry to indicate whether it is the entry for the Capital Projects Fund (for the Governmental Fund Financial Statements) or for Governmental Activities (for the Government-Wide Financial Statements). If no entry is needed, please type the words NO ENTRY below the Capital Projects Fund or Governmental Activities label.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started