fill out table for transaction/activity 5-b-6 to 5-b-9

Copy of City of Corvallis mod S(1001) - Protected View - Excel AutoSave OH Enable Editing File Home Insert Draw Page Layout Formulas Data Review View Help Search D PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View F16 G E H K D 1 2 Don't edit these shaded columns Problem Jo AccounAmount Check Fig 3 4 5 $ 24,600 6 Year Deblt 5.6.1 5 5.6.1 5 5.b 2 5 5-6-2 5 5.b. 5 5.b. 5 5-b3 5 $49.000 8 9 Credit Memo Closing Entry? Construction Expenditures-Walnut Boulevard Project 2018 5 24.600 Contracts Payable 2018 Cash 2018 5 49.000 Tax Articipation Notes Payable 2018 Encumbrances-Walnut Boulevard Project 2018 $ 290 Encumbrances Outstanding Walnut Boulevard Proje 2018 Encumbrances Outstanding Walnut Boulevard Proje 2018 $ 290 Encumbrances-Walnut Boulevard Project 2018 Construction Expenditures Walnut Boulevard Project 2018 S 300 Contracts Payable 2018 Cash 2018 95 300 Revenues-Sales Taxes 2018 $ 290 10 11 5 $ 5 12 13 5 5-6-3 5-6-3 5-64 5-6-4 5 300 14 5 15 5 $ 95.900 16 17 18 19 20 21 22 23 Agents Workbooktructions CP AGW 2 3 5 7 8 6 (5-6-61 On April 15, 2018, construction bids were opened and analyzed. A bid of $2,500,000 was accepted, and the contract was awarded for the Walnut Boulevard Project. The contract provided for a retained percentage of 4 percent from each progress payment, and from the final payment, until final inspection and acceptance by the city's public works inspectors. Required: Record the signing of the contract in the Street Improvement Fund (CP) general journal. This transaction has no effect at the government-wide (GW) level. 7 (5-6-7 On May 6, 2018, 4% deferred serial bonds with a face value of $2,500,000 were sold for a total amount of $2,556,000, of which $35,000 was for accrued interest from the January 1, 2018, date of the bonds and $21,000 was a premium on the bonds sold. Cash in the amount of the accrued interest and premium was deposited directly in the Street Improvement Bond Debt Service Fund. Cash in the amount of $2,500,000 was deposited and recorded in the Street Improvement Fund (CP). The city then invested $1,000,000 of the bond proceeds in certificates of deposit maturing in six months and earning 3% per annum. Required: Record these transactions in the Street Improvement Fund (CP) and governmental activities journals. (Hint: In addition to recording the liability for bonds payable in the governmental activities journal (GW), you should record the premium on the bonds payable [credit Premium on 4% Deferred Serial Bonds) and accrued interest on bonds sold [we recommend that you credit ExpenseInterest on Long-term Debt] in the governmental activities general journal for the $35,000 of accrued interest.) For now you should ignore the entries in the Street Improvement Bond Debt Service Fund to record the accrued interest and premium. Those entries will be made in Chapter 6 of this cumulative problem. 8 (5-1-8] The city repaid the $49,000 tax anticipation note plus interest of $368 (949,000 X.03 X 90/360) (See transaction 2). Required: Record this transaction in both the Street Improvement Fund (CP) and governmental activities general journals. The $368 of interest should be debited to Interest Expenditures in the Street Improvement Fund (CP) journal and to Expenses-General Government in the governmental activities journal (GW). 9 (5-6-91 In July 2018, the contractor for the Walnut Boulevard Project reported that the project was one-half completed and requested a progress payment of $1,250,000. This amount was paid in late July, less the contractual retention of 4 percent. Required: Record this transaction in both the Street Improvement Fund (CP) and governmental activities (GW) journals. Copy of City of Corvallis mod S(1001) - Protected View - Excel AutoSave OH Enable Editing File Home Insert Draw Page Layout Formulas Data Review View Help Search D PROTECTED VIEW Be carefulfiles from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View F16 G E H K D 1 2 Don't edit these shaded columns Problem Jo AccounAmount Check Fig 3 4 5 $ 24,600 6 Year Deblt 5.6.1 5 5.6.1 5 5.b 2 5 5-6-2 5 5.b. 5 5.b. 5 5-b3 5 $49.000 8 9 Credit Memo Closing Entry? Construction Expenditures-Walnut Boulevard Project 2018 5 24.600 Contracts Payable 2018 Cash 2018 5 49.000 Tax Articipation Notes Payable 2018 Encumbrances-Walnut Boulevard Project 2018 $ 290 Encumbrances Outstanding Walnut Boulevard Proje 2018 Encumbrances Outstanding Walnut Boulevard Proje 2018 $ 290 Encumbrances-Walnut Boulevard Project 2018 Construction Expenditures Walnut Boulevard Project 2018 S 300 Contracts Payable 2018 Cash 2018 95 300 Revenues-Sales Taxes 2018 $ 290 10 11 5 $ 5 12 13 5 5-6-3 5-6-3 5-64 5-6-4 5 300 14 5 15 5 $ 95.900 16 17 18 19 20 21 22 23 Agents Workbooktructions CP AGW 2 3 5 7 8 6 (5-6-61 On April 15, 2018, construction bids were opened and analyzed. A bid of $2,500,000 was accepted, and the contract was awarded for the Walnut Boulevard Project. The contract provided for a retained percentage of 4 percent from each progress payment, and from the final payment, until final inspection and acceptance by the city's public works inspectors. Required: Record the signing of the contract in the Street Improvement Fund (CP) general journal. This transaction has no effect at the government-wide (GW) level. 7 (5-6-7 On May 6, 2018, 4% deferred serial bonds with a face value of $2,500,000 were sold for a total amount of $2,556,000, of which $35,000 was for accrued interest from the January 1, 2018, date of the bonds and $21,000 was a premium on the bonds sold. Cash in the amount of the accrued interest and premium was deposited directly in the Street Improvement Bond Debt Service Fund. Cash in the amount of $2,500,000 was deposited and recorded in the Street Improvement Fund (CP). The city then invested $1,000,000 of the bond proceeds in certificates of deposit maturing in six months and earning 3% per annum. Required: Record these transactions in the Street Improvement Fund (CP) and governmental activities journals. (Hint: In addition to recording the liability for bonds payable in the governmental activities journal (GW), you should record the premium on the bonds payable [credit Premium on 4% Deferred Serial Bonds) and accrued interest on bonds sold [we recommend that you credit ExpenseInterest on Long-term Debt] in the governmental activities general journal for the $35,000 of accrued interest.) For now you should ignore the entries in the Street Improvement Bond Debt Service Fund to record the accrued interest and premium. Those entries will be made in Chapter 6 of this cumulative problem. 8 (5-1-8] The city repaid the $49,000 tax anticipation note plus interest of $368 (949,000 X.03 X 90/360) (See transaction 2). Required: Record this transaction in both the Street Improvement Fund (CP) and governmental activities general journals. The $368 of interest should be debited to Interest Expenditures in the Street Improvement Fund (CP) journal and to Expenses-General Government in the governmental activities journal (GW). 9 (5-6-91 In July 2018, the contractor for the Walnut Boulevard Project reported that the project was one-half completed and requested a progress payment of $1,250,000. This amount was paid in late July, less the contractual retention of 4 percent. Required: Record this transaction in both the Street Improvement Fund (CP) and governmental activities (GW) journals