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Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $872,000 with approved spending of

Chesterfield County had the following transactions.

a.

A budget is passed for all ongoing activities. Revenue is anticipated to be $872,000 with approved spending of $566,000 and operating transfers out of $240,000.

b.

A contract is signed with a construction company to build a new central office building for the government at a cost of $7.3 million. A budget for this project has previously been recorded.

c. Bonds are sold for $7.3 million (face value) to finance construction of the new office building.
d.

The new building is completed. An invoice for $7.3 million is received and paid.

e. Previously unrestricted cash of $1.45 million is set aside to begin paying the bonds issued in (c).
f.

A portion of the bonds comes due and $1.45 million is paid. Of this total, $145,000 represents interest. The interest had not been previously accrued.

g.

Citizens' property tax levies are assessed. Total billing for this tax is $775,000. 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% is assumed to be collectible in this period with receipt of an additional 6% during subsequent periods but in time to be available to pay current period claims. The remainder is expected to be uncollectible.

h. Cash of $158,000 is received from a toll road. This money is restricted for highway maintenance.
i.

The county received investments valued at $315,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.)

FUND FINANCIAL STATEMENTS

b-GOVERNMENT-WIDE FINANCIAL STATEMENTS

  • Record the budget for the year -Governmental Activities.

  • 2

    Record encumbrances outstanding -Governmental Activities.

  • 3

    Record sale of bonds -Governmental Activities.

  • 4

    Record payment made for building -Governmental Activities.

  • 5

    Record transfer in into debt service fund -Governmental Activities.

  • 6

    Record payoff of bonds -Governmental Activities.

  • 7

    Record property taxes collectible -Governmental Activities.

  • 8

    Record cash received from toll road -Governmental Activities.

  • 9

    Record donations received -Governmental Activities.

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