Question
Hi - I have partially answered this question. My work is in the attachment. Could you check my work and finish the problem for me?
Hi - I have partially answered this question. My work is in the attachment. Could you check my work and finish the problem for me? Thanks!
The following transactions took place in the town of Burchette during 20X3:
1. A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund.
2. The bonds were sold at a premium of $90,000.
3.The cost of issuing the bonds, $80,000, was paid.
4. An order was placed for material estimated to cost $6,500,000.
5. Salaries and wages of $500,000 were paid.
6. The premium, net bond of issuance costs, was transferred to a Debt Service Fund.
The following transactions took place in 20X4:
7. The materials were received, the actual cost was $6,585,000.
8. Salaries and wages of $4,010,000 were paid.
9. All outstanding bills were paid.
10. The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund.
a. Prepare all journal entries (budgetary and actual), including closing entries, to record the Capital Projects Fund transfers for 20X3 and 20X4.
b. Prepare a Capital Projects Fund balance sheet as of December 31, 20X3.
c. Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3, and (2) a separate budgetary combined comparison statement for the years ended December 31 20X3 and 20X4.
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