At the start of 2019, Crotons Capital Projects Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Capital Projects Fund. (I have included the account names)

1. Croton undertook construction of a new police station, designed to house both the Croton police and the county sheriff and to serve as a detention center. To finance construction, Croton received a cash grant of $1,000 from the county as an advance pending incurrence of expenditures. It also sold $2,000 of 20-year general obligation bonds. The bonds, sold April 1, 2019, were to be redeemed in equal semiannual installments of principal, with interest on the unpaid balance at the rate of 5 percent per annum, starting October 1, 2019.
2. Croton awarded two contracts, one for architectural and construction supervision services ($200) and one for construction ($2,800).
3. The construction contract was completed in a timely manner, and the contractor submitted an invoice for $2,800. The invoice was paid, except that 5 percent was withheld, pending completion of inspection.
4. All construction and construction supervision work was completed. The construction architect/supervisor was paid in full, and the contractor was paid the balance due.

Ref. Description Debit Credit To record receipt of advance on county grant. To record proceeds from bond issue. 2 3 > . To reverse encumbrance for construction contact. . Construction contracts payable To record construction expenditures and liabilities. To record payment of amount currently due contractor. To record recognition of revenues on grant. 4 To reverse encumbrance for supervision contract. To record payment of retainage after approval of all work. To record liability for supervision fees. To record payment to construction supervisor. To record receipt of advance on county grant. Advance on construction grant Budgetary fund balance reserved for encumbrances Cash Construction contracts payable Encumbrances Expenditures - architect/supervision fees Expenditures - construction costs Other financing source - long-term debt issued Retainage payable Retained percentage on construction contracts Revenues - intergovernmental grants Vouchers payable