Accounting for Other Governmental Fund Types 11 amily pledge of $500,000 was received in donated corpo fue of $370.000 and the balance in cash build love Sund. The The Elwood family bonds with a fair vai 9. $130,000 was in 10. Interest in the ar 11. During the year, 12. During the year, the amount totaling $12.70 1000 was invested in U.S. Government Securities in the amount of $17,000 was received in cash during the year e the year, books totaling $12.700 were ordered for the library the year, the library reported receiving books with an invoice nt totaling $12,700; 58,600 of the amounts due for book purchases e issued he debt nts for in the Dject is ant of ted to -end, had been paid by year-end. 13. An additional $1.700 additional $1,700 of interest had accrued on the investments December 31 and will be received in January of next year. 14. The con The corporate bonds had a market value of $373,000 and the U.S. securities had a market value of $129,400 as of December 31 Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. bPost the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Funds (The General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects fund are classified as restricted and unexpended spendable resources in the debt service and permanent fund are classified as assigned The state government established a capital project fund in 2014 to build sw highways. The fund is supported by a 5 percent tax on diesel fuel in the state. The tax is collected by private gas stations and remitted following month to the State. The following transactions occurred inci- made e of in the following month during 2015: Credits Cash Capital Project Fund Trial Balance: December 31, 2014 Debits $8,700,000 2,550,000 Taves receivable Contracts payable Fund Balance 1.875,000 9.375,000 Accounting for Other Governmental Fund Types 11 amily pledge of $500,000 was received in donated corpo fue of $370.000 and the balance in cash build love Sund. The The Elwood family bonds with a fair vai 9. $130,000 was in 10. Interest in the ar 11. During the year, 12. During the year, the amount totaling $12.70 1000 was invested in U.S. Government Securities in the amount of $17,000 was received in cash during the year e the year, books totaling $12.700 were ordered for the library the year, the library reported receiving books with an invoice nt totaling $12,700; 58,600 of the amounts due for book purchases e issued he debt nts for in the Dject is ant of ted to -end, had been paid by year-end. 13. An additional $1.700 additional $1,700 of interest had accrued on the investments December 31 and will be received in January of next year. 14. The con The corporate bonds had a market value of $373,000 and the U.S. securities had a market value of $129,400 as of December 31 Required: Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. bPost the journal entries to T-accounts. c. Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Funds (The General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects fund are classified as restricted and unexpended spendable resources in the debt service and permanent fund are classified as assigned The state government established a capital project fund in 2014 to build sw highways. The fund is supported by a 5 percent tax on diesel fuel in the state. The tax is collected by private gas stations and remitted following month to the State. The following transactions occurred inci- made e of in the following month during 2015: Credits Cash Capital Project Fund Trial Balance: December 31, 2014 Debits $8,700,000 2,550,000 Taves receivable Contracts payable Fund Balance 1.875,000 9.375,000
