Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
During December 2 0 2 2 , West Fallowfield Township decided to construct sidewalks for a neighborhood. Estimated cost is $ 1 , 1 0
During December West Fallowfield Township decided to construct sidewalks for a neighborhood. Estimated cost is $ and construction is expected to be completed during the summer of The project is to be funded first from a state grant that is expected to be received in then from special assessment bonds that are to be issued in Any remaining balance is to be paid from the townships General Fund. During the township engaged in the following transactions, all of which are recorded in a Capital Projects Fund. Using good form, prepare the journal entries to record these transactions in the Capital Projects Fund. a The state awarded the township a reimbursement grant of $ to assist in the construction of the sidewalks. The township received the $ cash at the time the grant was announced. b The township issued $ in bonds face value at a premium of $ and incurred $ in issue costs. c The General Fund committed promised to make up to the Capital Projects Fund the $ deficiency that resulted in part b d The township invested $ in shortterm less than one year securities e The township issued purchase orders and signed construction contracts totaling $ f The township paid invoices from the construction contractor totaling $ g The township recognized the revenue earned from the states reimbursement grant. h The township sold investments that originally cost $ receiving $ cash. i As promised in part c the Capital Projects Fund received $ from the General Fund, with the remaining $ balance to be received in January j By yearend, the investments still on hand had increased in value by $ Using the journal entries prepared in the previous problem for West Fallowfield Townships Capital Projects Fund, using good form, prepare the Statement of Revenues, Expenditures and Changes in Fund Balance for the year ending December ; and the Balance Sheet at December At December the townships Capital Projects Fund had the following account balances in its General Ledger: Cash $ Investments $ Unreserved Fund Balance $
During December West Fallowfield Township decided to construct sidewalks for a neighborhood. Estimated cost is $ and construction is expected to be completed during the summer of The project is to be funded first from a state grant that is expected to be received in then from special assessment bonds that are to be issued in Any remaining balance is to be paid from the townships General Fund. During the township engaged in the following transactions, all of which are recorded in a Capital Projects Fund. Using good form, prepare the journal entries to record these transactions in the Capital Projects Fund.
a The state awarded the township a reimbursement grant of $ to assist in the construction of the sidewalks. The township received the $ cash at the time the grant was announced.
b The township issued $ in bonds face value at a premium of $ and incurred $ in issue costs.
c The General Fund committed promised to make up to the Capital Projects Fund the $ deficiency that resulted in part b
d The township invested $ in shortterm less than one year securities
e The township issued purchase orders and signed construction contracts totaling $
f The township paid invoices from the construction contractor totaling $
g The township recognized the revenue earned from the states reimbursement grant.
h The township sold investments that originally cost $ receiving $ cash.
i As promised in part c the Capital Projects Fund received $ from the General Fund, with the remaining $ balance to be received in January
j By yearend, the investments still on hand had increased in value by $
Using the journal entries prepared in the previous problem for West Fallowfield Townships Capital Projects Fund, using good form, prepare the Statement of Revenues, Expenditures and Changes in Fund Balance for the year ending December ; and the Balance Sheet at December At December the townships Capital Projects Fund had the following account balances in its General Ledger:
Cash $
Investments $
Unreserved Fund Balance $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started