Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Chesterfield County had the following transactions. a . A budget is passed for all ongoing activities. Revenue is anticipated to be $ 9 3 9
Chesterfield County had the following transactions.
a A budget is passed for all ongoing activities. Revenue is anticipated to be $ with approved spending of $ and operating transfers out of $
b A contract is signed with a construction company to build a new central office building for the government at a cost of $ The county previously recorded the budget for this project.
c Bonds are issued for $face value to finance construction of the new office building.
d The new building is completed. An invoice for $ is received by the county and paid.
e Previously unrestricted cash of $ is set aside by county officials to begin paying the bonds issued in c
f A portion of the bonds comes due, and $ is paid. Of this total, $ represents interest. The interest had not been previously accrued.
g Property tax levies are assessed. Total billing for this tax is $ On this date, the assessment is a legally enforceable claim according to the laws of the state. All money to be received is designated for the current period, and percent is assumed to be collectible in this period. Receipt of an additional percent is not expected until the subsequent period but in time to be available to pay current period claims. The remaining amount is viewed as uncollectible.
h The county collects cash of $ from a toll road. The money is restricted for highway maintenance.
i The county receives stock investments valued at $ as a donation from a grateful citizen. The investments are to be held permanently, but any income from these investments must be used to beautify local parks.
Required:
Prepare the entries first for fund financial statements and then for Government Wide Statement.
Complete this question by entering your answers in the tabs below.
FUND
FINANCIAL
STATEMENT WIDE
STATEMENT
Prepare the entries for fund financial statements.
Note: Select the appropriate fund for each situation when required. If no entry is required for a transactionevent select No journal entry required" in first account field.
Transaction
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started