Question
Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,029,000 with approved spending of
Chesterfield County had the following transactions. |
a. | A budget is passed for all ongoing activities. Revenue is anticipated to be $1,029,000 with approved spending of $630,000 and operating transfers out of $324,000. |
b. | A contract is signed with a construction company to build a new central office building for the government at a cost of $6.2 million. A budget for this project has previously been recorded. |
c. | Bonds are sold for $6.2 million (face value) to finance construction of the new office building. |
d. | The new building is completed. An invoice for $6.2 million is received and paid. |
e. | Previously unrestricted cash of $1.15 million is set aside to begin paying the bonds issued in (c). |
f. | A portion of the bonds comes due and $1.15 million is paid. Of this total, $155,000 represents interest. The interest had not been previously accrued. |
g. | Citizens' property tax levies are assessed. Total billing for this tax is $765,000. 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 $173,000 is received from a toll road. This money is restricted for highway maintenance. |
i. | The county received investments valued at $345,000 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.)
Record the budget for the year- general fund |
Transaction | General Journal | Debit | Credit |
a. | |||
Record encumbrances outstanding- Capital Projects Fund
Transaction | General Jouranl | Debit | Credit |
b. | |||
Record sale of bonds- Capital Projects Fund
Transaction | General Journal | Debit | Credit |
c | |||
Record entry to ramove encumbrance- Capital Projects Find
Transaction | General Journal | Debit | Credit |
d-1 | |||
Record invoice received for building constructed- Capital Projects fund.
Transaction | General Journal | Debit | Credit |
d-2 | |||
Record invoice received for building constructed- Capital Projects Fund.
Transaction | General Journal | Debit | Credit |
d-3 | |||
Record amount set aside to pay off bonds- General Fund
Transaction | General Jouranl | Debit | Credit |
e-1 | |||
Record transfer in into debt service fund- Debt Service Fund
Transaction | General Journal | Debit | Credit |
e-2 | |||
Record payoff of bound- debt service found
Transaction | General Jouranl | debit | Credit |
f. | |||
Record property taxes collectible- General Fund.
Transaction | General journal | debit | credit |
g. | |||
Record cash received from toll road-special revenue found.
Transaction | General journal | debit | credit |
h. | |||
Record donations receiced- Permanent Fund
Transaction | general Journal | Debit | Credit |
i. | |||
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