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Chesterfield County had the following transactions. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,026,750with approved spending of $638,000and operating

Chesterfield County had the following transactions.

  1. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,026,750with approved spending of $638,000and operating transfers out of $335,000.
  2. A contract is signed with a construction company to build a new central office building for the government at a cost of $8,500,000. A budget for this project has previously been recorded.
  3. Bonds are sold for $8,500,000(face value) to finance construction of the new office building.
  4. The new building is completed. An invoice for $8,500,000is received and paid.
  5. Previously unrestricted cash of $1,100,000is set aside to begin paying the bonds issued in (c).
  6. A portion of the bonds comes due and $1,100,000is paid. Of this total, $225,000represents interest. The interest had not been previously accrued.
  7. Citizens' property tax levies are assessed. Total billing for this tax is $935,000. 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 and90percent is assumed to be collectible in this period with receipt of an additional6percent during subsequent periods but in time to be available to pay current period claims. The remainder is expected to be uncollectible.
  8. Cash of $217,000is received from a toll road. This money is restricted for highway maintenance.
  9. The county received investments valued at $382,000as 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.

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