Chesterfield County had the following transactions a. A budget is passed for all ongoing activities. Revenue is anticipated to be $888,750 with approved spending of $583,000 and operating transfers out of $246,000. b. A contract is signed with a construction company to build a new central office building for the government at a cost of $7.4 million. A budget for this project has previously been recorded c. Bonds are sold for $7.4 million (face value) to finance construction of the new office building d. The new building is completed. An invoice for $7.4 million is received and paid e. Previously unrestricted cash of $1.25 million is set aside to begin paying the bonds issued in (c) f. Aportion of the bonds comes due and $1.25 million is paid of this total, $110,000 represents interest. The interest had not been previously accrued 9. Citizens' property tax levies are assessed. Total billing for this tax is $845,000. 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 $165,000 is received from a toll road. This money is restricted for highway maintenance The county received investments valued at $335,000 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 View transaction list Journal entry worksheet Record the budget for the year - General Fund. Note: Enter debits before credits Transaction Credit Debit 888,7507 General Journal Estimated revenues Appropriations Estimated other financing uses - operating transfers Budgetary fund balance 583.000 246,000 59.750 Record entry Clear entry View general journal GOVERNMENT-WIDE FINANCIAL STATEMENTS View transaction list Journal entry worksheet