Accounting for Other Governmental Fund Types 151 build low. Fund. The & The Elwood family pled bonds with a fair value $130,000 was invested in 10. Interest in the amount of 11. During the year, books to 12. During the year, the lih amount totaling $12,700: $8 had been paid by year-end. 13. An additional $1.700 bily pledge of $500,000 was received in donated corporate a fair value of $370,000 and the balance in cash. was invested in U.S. Government Securities. he amount of $17,000 was received in cash during the year. year, books totaling $12,700 were ordered for the library. ne year, the library reported receiving books with an invoice ling $12,700; $8,600 of the amounts due for book purchases e issued che debt ional $1,700 of interest had accrued on the investments at ecember 31 and will be received in January of next year. 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. nts for in the Required: Pject is ant of ed to -end, 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. b. Post 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). e. 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. 14 The inci made e of ect fund in 2014 to be from the General 5-13. Jefferson County established a capital project.fun income housing with the transfer of $100.000 fro following transactions occurred during 2015: Capital Project Fund Trial Balance: December 31, 2014 Debits Credits Cash $68,000 Fund Balance $700.000 wete s transferred to the bility requirements $68,000 1. April 1, 2015, 6 percent bonds with a face value of $700.000 in the amount of $722,800. The bond premium was transfer service fund. 2. The County received notice that it had met eligibility required a federal government grant intended to support the capital projec amount of $280,000. The grant (cash) will be received when the pro completed in February 2016. 3. The County issued a contract for the construction in the amount $1,000,000 4. The contractor periodically bills the County for construction completed date. During the year, bills totaling $612.000 were received. By year-end a total of $587,000 had been paid. Jefferson County established a debt service fund to make interest and princi ple payments on the bonds issued in item 1 above. Bond payments are ma on October 1 and April 1 of each year. Interest is based on an annual rate 6 percent and principle payments are $22,000 each. The following transactions occurred during 2015: fund. 5. The bond premium was received through transfer from the capital er from the capital project the General Fund for the 6. September 30, 543,000 was transferred from the General Fund October 1 bond payment The first debt service payment was made on October 1, 2015. The Elwood Family Book Fund was establishe hy a bequest with the gal restriction that onls al can be used for the purchase of books for the The following transactions occurred durin County. The principal amount that must be maintained is pal, can be used for the legal restrict established in The follow ounty. The princihase of bon that only December 2014, funded y earnings, and not princi James K. Polk Library in intained is $500,000 tions occurred during 2015: Permanent Fund Trial Balance December 31, 2014 Debits Receivable from Grantor Nonspendable Fund Balance Ubrary Purchases $500.000 Credits 5500,000 Accounting for Other Governmental Fund Types 151 build low. Fund. The & The Elwood family pled bonds with a fair value $130,000 was invested in 10. Interest in the amount of 11. During the year, books to 12. During the year, the lih amount totaling $12,700: $8 had been paid by year-end. 13. An additional $1.700 bily pledge of $500,000 was received in donated corporate a fair value of $370,000 and the balance in cash. was invested in U.S. Government Securities. he amount of $17,000 was received in cash during the year. year, books totaling $12,700 were ordered for the library. ne year, the library reported receiving books with an invoice ling $12,700; $8,600 of the amounts due for book purchases e issued che debt ional $1,700 of interest had accrued on the investments at ecember 31 and will be received in January of next year. 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. nts for in the Required: Pject is ant of ed to -end, 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. b. Post 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). e. 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. 14 The inci made e of ect fund in 2014 to be from the General 5-13. Jefferson County established a capital project.fun income housing with the transfer of $100.000 fro following transactions occurred during 2015: Capital Project Fund Trial Balance: December 31, 2014 Debits Credits Cash $68,000 Fund Balance $700.000 wete s transferred to the bility requirements $68,000 1. April 1, 2015, 6 percent bonds with a face value of $700.000 in the amount of $722,800. The bond premium was transfer service fund. 2. The County received notice that it had met eligibility required a federal government grant intended to support the capital projec amount of $280,000. The grant (cash) will be received when the pro completed in February 2016. 3. The County issued a contract for the construction in the amount $1,000,000 4. The contractor periodically bills the County for construction completed date. During the year, bills totaling $612.000 were received. By year-end a total of $587,000 had been paid. Jefferson County established a debt service fund to make interest and princi ple payments on the bonds issued in item 1 above. Bond payments are ma on October 1 and April 1 of each year. Interest is based on an annual rate 6 percent and principle payments are $22,000 each. The following transactions occurred during 2015: fund. 5. The bond premium was received through transfer from the capital er from the capital project the General Fund for the 6. September 30, 543,000 was transferred from the General Fund October 1 bond payment The first debt service payment was made on October 1, 2015. The Elwood Family Book Fund was establishe hy a bequest with the gal restriction that onls al can be used for the purchase of books for the The following transactions occurred durin County. The principal amount that must be maintained is pal, can be used for the legal restrict established in The follow ounty. The princihase of bon that only December 2014, funded y earnings, and not princi James K. Polk Library in intained is $500,000 tions occurred during 2015: Permanent Fund Trial Balance December 31, 2014 Debits Receivable from Grantor Nonspendable Fund Balance Ubrary Purchases $500.000 Credits 5500,000