Governmental Accounting Chapter 7 Homework Problem 15 points At the beginning Record both budgetary and actual journal entries for the capital projects fond of Everett County Record all appropriate accruals. No closing entries are required. Am a final year end of December 31 1. The county S5.000.000 of 5% 9 month bond anticipation notes on July 1, 2007, to allow the county to begin immediate construction on a new state of the art recreational baseball complex for area youth. The bond anticipation notes are issued in relation to the upcoming bond that has been approved by votes to fund the baseball complex. The bands are legally authorized and definitelyissable. All legal steps have been taken to refinance the BAN, and the county will refinance the BAN on a long-term basis 2. The county receives a federal grant of $500,000 to fund the construction of a playground to accommodate children with special needs. 3. The county signs a construction contract with KC Enterprises for the construction of the complex The contract specifies that construction costs will not exceed SS.C25,000 4. The county orders playground equipment in the amount of $420,000 & KC Enterprises bills the county $3.200,000 for work completed by the end of fiscal year 2017. The county paid the amount billed less a 4% retainage to be remitted upon completion of the complex 2018 6. On January 1, the county issues $5,500,000 par value bonds at 101. Bond issue costs are $55,000 7. KC Enterprises bills the county S1,000,000 for work completed in the first quarter. The county again paid the amount billed less a 4% retainage. 8. Salaries of $25,000 are paid to the crews working on the special needs playground. 9. The county orders signage and ground covering for the special needs playground. Estimated costs is $45.000 10. The county receives the playground equipment order in 2017. Actual cost is $425,000 11. The county receives the signage for the special needs playground. Actual cost is $40,500. 12. The bond anticipation notes and interest are paid at maturity. 13. KC Enterprises submitted its final bill for $825,000. The complex was approved by the county, and KC Enterprises was paid in full. 14. The amounts due for the playground equipment and signage (transactions 10 and 11) are remitted to the appropriate vendors. 15. The remaining unearned portion of the grant money was refunded to the grantor. 16. The remaining cash was transferred to the Debt Service Fund. Governmental Accounting Chapter 7 Homework Problem 15 points At the beginning Record both budgetary and actual journal entries for the capital projects fond of Everett County Record all appropriate accruals. No closing entries are required. Am a final year end of December 31 1. The county S5.000.000 of 5% 9 month bond anticipation notes on July 1, 2007, to allow the county to begin immediate construction on a new state of the art recreational baseball complex for area youth. The bond anticipation notes are issued in relation to the upcoming bond that has been approved by votes to fund the baseball complex. The bands are legally authorized and definitelyissable. All legal steps have been taken to refinance the BAN, and the county will refinance the BAN on a long-term basis 2. The county receives a federal grant of $500,000 to fund the construction of a playground to accommodate children with special needs. 3. The county signs a construction contract with KC Enterprises for the construction of the complex The contract specifies that construction costs will not exceed SS.C25,000 4. The county orders playground equipment in the amount of $420,000 & KC Enterprises bills the county $3.200,000 for work completed by the end of fiscal year 2017. The county paid the amount billed less a 4% retainage to be remitted upon completion of the complex 2018 6. On January 1, the county issues $5,500,000 par value bonds at 101. Bond issue costs are $55,000 7. KC Enterprises bills the county S1,000,000 for work completed in the first quarter. The county again paid the amount billed less a 4% retainage. 8. Salaries of $25,000 are paid to the crews working on the special needs playground. 9. The county orders signage and ground covering for the special needs playground. Estimated costs is $45.000 10. The county receives the playground equipment order in 2017. Actual cost is $425,000 11. The county receives the signage for the special needs playground. Actual cost is $40,500. 12. The bond anticipation notes and interest are paid at maturity. 13. KC Enterprises submitted its final bill for $825,000. The complex was approved by the county, and KC Enterprises was paid in full. 14. The amounts due for the playground equipment and signage (transactions 10 and 11) are remitted to the appropriate vendors. 15. The remaining unearned portion of the grant money was refunded to the grantor. 16. The remaining cash was transferred to the Debt Service Fund
