Check My Work button is now disabled Item $12$

Problem $16-40[$LO$2,$ LO$3,$ LO$4,$ LO$5,$ LO$6,$ LO$7,$ LO$8,$ LO$9,$ LO$10]$

Chesterfield County had the following transactions.

a$.$

A budget is passed for all ongoing activities. Revenue is anticipated to be $$834,000$ with approved spending of $$540,000$ and operating transfers out of $$242,000.$

b$.$

A contract is signed with a construction company to build a new central office building for the government at a cost of $$8$ million. A budget for this project has previously been recorded.

c$.$ Bonds are sold for $$8$ million $($face value$)$ to finance construction of the new office building.

d$.$

The new building is completed. An invoice for $$8$ million is received and paid.

e$.$ Previously unrestricted cash of $$1$ million is set aside to begin paying the bonds issued in $($c$).$

f$.$

A portion of the bonds comes due and $$1$ million is paid. Of this total, $$100,000$ represents interest. The interest had not been previously accrued.

g$.$

Citizens' property tax levies are assessed. Total billing for this tax is $$800,000.$ On this date, the assessment is a legally enforceable claim according to the laws of this state. The money to be received is designated for the current period and $90$ percent is assumed to be collectible in this period with receipt of an additional $6$ percent during subsequent periods but in time to be available to pay current period claims. The remainder is expected to be uncollectible.

h$.$ Cash of $$120,000$ is received from a toll road. This money is restricted for highway maintenance.

i$.$

The county received investments valued at $$300,000$ as a donation from a grateful citizen. Income from these investments must be used to beautify local parks.

Prepare the entries first for fund financial statements and then for government$-$wide financial statements. $($Enter your answers in dollars not in millions. Leave no cells blank. If no entry is required, select $"$No Journal Entry Required" in the account field and zero $(0)$ in the amount field.$)$

FUND FINANCIAL STATEMENTS

Event General Journal Debit Credit

a$.$ General Fund

b$.$ Capital Projects Fund

c$.$ Capital Projects Fund

d$.$ Capital Projects Fund

e$.$ General Fund

Debt Service Fund

f$.$ Debt Service Fund

g$.$ General Fund

h$.$ Special Revenue Fund

i$.$ Permanent Fund

GOVERNMENT$-$WIDE FINANCIAL STATEMENTS

Event General Journal Debit Credit

a$.$

b$.$

c$.$

d$.$

e$.$

f$.$

g$.$

h$.$

i$.$