5-13. Page 143 The state government established a capital project fund in 2019 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during 2020: Capital Project Fund Trial Balance: December 31, 2019 Debits Credits Cash $8,550,000 2,700,000 Taxes Receivable Contracts Payable Fund Balance $1,950,000 9,300,000 1. $2,100,000 of encumbrances outstanding at December 31, 2019, were reestablished. 2. During the year, fuel taxes were remitted to the State totaling $23,600,000, including the amount due at the end of the previous year. In addition, $2,870,000 is expected to be remitted in January of next year for fuel sales in December 2020. 3. The State awarded new contracts for road construction totaling $23,650,000. 4. During the year, contractors submitted invoices for payment totaling $23,970,000. These were all under the terms of contracts (i.e., same $ amounts) issued by the State. 5. The State made payments on outstanding accounts of $23,375,000. 5-13. Page 143 The state government established a capital project fund in 2019 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas stations and remitted in the following month to the State. The following transactions occurred during 2020: Capital Project Fund Trial Balance: December 31, 2019 Debits Credits Cash $8,550,000 2,700,000 Taxes Receivable Contracts Payable Fund Balance $1,950,000 9,300,000 1. $2,100,000 of encumbrances outstanding at December 31, 2019, were reestablished. 2. During the year, fuel taxes were remitted to the State totaling $23,600,000, including the amount due at the end of the previous year. In addition, $2,870,000 is expected to be remitted in January of next year for fuel sales in December 2020. 3. The State awarded new contracts for road construction totaling $23,650,000. 4. During the year, contractors submitted invoices for payment totaling $23,970,000. These were all under the terms of contracts (i.e., same $ amounts) issued by the State. 5. The State made payments on outstanding accounts of $23,375,000