I have been working on my homework for the capital projects fund and completed what I could. Could you please let me know if my answers are correct and how the last journal entries should be. Thank you.

Capital Projects Fund 1. The Eagleton Capital Projects Fund issued $2,400,000 in 10%, 10 year serial bonds for $2,500,000. 2. The premium was transferred to the Debt Service Fund 3. A contract for $2,300,000 was signed with Offerman Woodshop Construction Company. 4. The General Fund transferred $200,000 to the Capital Projects Fund. 5. The first progress billing of $1,600,000 was received from Offerman Woodshop Construction Company. 6. The invoiced amount was vouchered, retaining 10% until the project is completed. 7. The vouchered amount was paid. 8. The Capital Projects Fund was closed as it is the end of the current fiscal year, the project will be finished next year. Record the closing entry Fund Name_______________________ 1 2 3 4 5 Student__ Account Cash OFS - Bond Proceeds OFU - Transfer of Premium Debt Service Fund Debit 2,400,000 100,000 OFS - Transfer In Due To Other Funds Cash Accounts Payable 2,300,000 2,300,000 200,000 200,000 1,600,000 1,600,000 ? 8 100,000 ? 7 Gov't Wide 2,400,000 Encumbrances Encumbrances O/S 6 Credit ? Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 1 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 2 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 3 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 4 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 5 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 6 Fund Name____________________________ Student___________________ Account Debit Credit Gov't Wide Page | 7 Page | 8