Jefferson County Capital project Fund Closing Entries December 31, 2020 Account Title Debits Credits Other financing source. Proceeds of bonds CAPITAL PROJECTS FUND FUND BALANCE ----- 188 Has OLI Rralriola Cocaille Ausland Ucasion Tolal Fund Balance Jefferson County Debt service fund closing entries December 31, 2020 Account Title Debits Credits FUND BALANCE DEBT SERYICE LL Host ordable Rralriald Casilla Ausgard UL...id Tola! Fund Balance Jefferson County Permanent Fund Closing Entries December 31, 2020 Account Title Debits Credits PERHAHEHT FUHD FUND BALANCE +38 L ------ III Hos del Rralriald Co-willed Aurinard uriyur Tala! Fund Balance General Fund Capital Projects Fund Total Debt Service Permanent Governmental Fund Fund Funds S 262,075 S S S $ 262,075 Revenues Property Taxes Intergovernmental revenues Investment income: Interest income Net increase in fair value of investments Total Revenues 262,075 262,075 181,560 181,560 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 39.900 39,900 221,460 221,460 Excess (Deficiency) of Revenues Over Expenditures 40,615 40,615 Other financing sources (uses) Proceeds of bonds Premium on bonds Transfers in Transfers out total other financing sources (uses) (43,000) (43,000) (43,000) (43,000) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 $ 154,373 S (2,385) 156,758 154,373 S S $ General Fund Capital Projects Fund Debt Service Fund Total Permanent Governmental Fund Funds $ 128,148 $ 128,148 Assets Cash Investment in corporate bonds Investment in US securities Taxes Receivable - niet Due from other governments Accrued interest receivable Supplies Inventory Total Assets 51,325 51,325 350 $ 179,823 S 350 179,823 S S S 2,000 850 2.850 22,600 Liabilities, Deferred Inflows and Fund Balances Liabilities Accounts Payable 2,000 Wages Payable 850 Contracts payable Total Liabilities 2,850 Deferred Inflows of Resources Property Taxes 22,600 Fund Balances Nonspendable Inventories 350 Permanent Fund principal Restricted: for low income housing projects Library purchases Assigned General Government operations 800 Debt Service Unassigned 153,223 Total Fund Balances 154,373 350 800 153,223 154,373 Total Liabilities and Fund Balances $ 179,823 S S 179,823 Jefferson County established a capital project fund in 2019 to build low-income housing with the transfer of $100.000 from the General Fund A portion of that was expended on engineering studies in 2019. The following transactions occurred during 2020: Capital Project Fund Trial Balance: December 31, 2019 Cash Fund Balance Debit Credits $72,000 $72.000 1. April 1, 2020.4 percent bonds with a face value of $800,000 were issued in the amount of $817,000. The bond premium was transferred to the debt service fund. 2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital project in the amount of $265,000. The grant (cash) will be received when the project is completed in February 2021. 3. The County issued a contract for the construction in the amount of $1,030,000. 4. The contractor periodically balls the County for construction completed to date. During the year, bills totaling $680.000 were received. By year-end, a total of 8605.000 had been paid. Jefferson County established a debt service fund to make interest and principal payments on the bonds issued in item 1 above Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 4 percent. A principal payment of $27.000 is due in 2020. The following transactions occurred during 2020: 5. The bond premium was received by the debt service fund through transfer from the capital project fund. 6. September 30,843.000 was transferred from the General Fund for the October 1 bond payment Page 142 7. The first debt service payment was made on October 1, 2020. The Elwood Family Readire Enrichment Fund was established in December 2019, funded by a bequest with the legal restriction that only earnings, and not principal, can be used for the purchase of books for the James K. Polk Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2020- Permanent Fund Trial Balance: December 31, 2019 Debits Credits 3500,000 Receivable from Grantor Nonspendable Fund Balance-Library Purchases $500,000 8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair value of 3370,000 and the balance in cash 9. $130,000 was invested in U.S. government securities. 10. Interest in the amount of $16.500 was received in cash during the year. 11. During the year, books totaling $11,500 were ordered for the library 12. During the year, the library reported receiving books with an invoice amount totaling $11,500; $10.700 of the amounts due for book purchases had been paid by year-end. 13. An additional $700 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $372,500 and the U.S. securities had a market value of $129.800 zz of December 31. Required Using the Excel template provided (a separate tab is provided for each of the requirements: 2. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. 5. Post the journal entries to T-accounts. 2. Prepare closing entries. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted and unexpended spendable resources in the debt service fond are classifed Jefferson County Capital project Fund Closing Entries December 31, 2020 Account Title Debits Credits Other financing source. Proceeds of bonds CAPITAL PROJECTS FUND FUND BALANCE ----- 188 Has OLI Rralriola Cocaille Ausland Ucasion Tolal Fund Balance Jefferson County Debt service fund closing entries December 31, 2020 Account Title Debits Credits FUND BALANCE DEBT SERYICE LL Host ordable Rralriald Casilla Ausgard UL...id Tola! Fund Balance Jefferson County Permanent Fund Closing Entries December 31, 2020 Account Title Debits Credits PERHAHEHT FUHD FUND BALANCE +38 L ------ III Hos del Rralriald Co-willed Aurinard uriyur Tala! Fund Balance General Fund Capital Projects Fund Total Debt Service Permanent Governmental Fund Fund Funds S 262,075 S S S $ 262,075 Revenues Property Taxes Intergovernmental revenues Investment income: Interest income Net increase in fair value of investments Total Revenues 262,075 262,075 181,560 181,560 Expenditures Current: General Government Operations Library Capital Outlay Debt Service Principal Interest Total Expenditures 39.900 39,900 221,460 221,460 Excess (Deficiency) of Revenues Over Expenditures 40,615 40,615 Other financing sources (uses) Proceeds of bonds Premium on bonds Transfers in Transfers out total other financing sources (uses) (43,000) (43,000) (43,000) (43,000) Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 (2,385) 156,758 $ 154,373 S (2,385) 156,758 154,373 S S $ General Fund Capital Projects Fund Debt Service Fund Total Permanent Governmental Fund Funds $ 128,148 $ 128,148 Assets Cash Investment in corporate bonds Investment in US securities Taxes Receivable - niet Due from other governments Accrued interest receivable Supplies Inventory Total Assets 51,325 51,325 350 $ 179,823 S 350 179,823 S S S 2,000 850 2.850 22,600 Liabilities, Deferred Inflows and Fund Balances Liabilities Accounts Payable 2,000 Wages Payable 850 Contracts payable Total Liabilities 2,850 Deferred Inflows of Resources Property Taxes 22,600 Fund Balances Nonspendable Inventories 350 Permanent Fund principal Restricted: for low income housing projects Library purchases Assigned General Government operations 800 Debt Service Unassigned 153,223 Total Fund Balances 154,373 350 800 153,223 154,373 Total Liabilities and Fund Balances $ 179,823 S S 179,823 Jefferson County established a capital project fund in 2019 to build low-income housing with the transfer of $100.000 from the General Fund A portion of that was expended on engineering studies in 2019. The following transactions occurred during 2020: Capital Project Fund Trial Balance: December 31, 2019 Cash Fund Balance Debit Credits $72,000 $72.000 1. April 1, 2020.4 percent bonds with a face value of $800,000 were issued in the amount of $817,000. The bond premium was transferred to the debt service fund. 2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital project in the amount of $265,000. The grant (cash) will be received when the project is completed in February 2021. 3. The County issued a contract for the construction in the amount of $1,030,000. 4. The contractor periodically balls the County for construction completed to date. During the year, bills totaling $680.000 were received. By year-end, a total of 8605.000 had been paid. Jefferson County established a debt service fund to make interest and principal payments on the bonds issued in item 1 above Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 4 percent. A principal payment of $27.000 is due in 2020. The following transactions occurred during 2020: 5. The bond premium was received by the debt service fund through transfer from the capital project fund. 6. September 30,843.000 was transferred from the General Fund for the October 1 bond payment Page 142 7. The first debt service payment was made on October 1, 2020. The Elwood Family Readire Enrichment Fund was established in December 2019, funded by a bequest with the legal restriction that only earnings, and not principal, can be used for the purchase of books for the James K. Polk Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2020- Permanent Fund Trial Balance: December 31, 2019 Debits Credits 3500,000 Receivable from Grantor Nonspendable Fund Balance-Library Purchases $500,000 8. The Elwood family pledge of $500,000 was received in donated corporate bonds with a fair value of 3370,000 and the balance in cash 9. $130,000 was invested in U.S. government securities. 10. Interest in the amount of $16.500 was received in cash during the year. 11. During the year, books totaling $11,500 were ordered for the library 12. During the year, the library reported receiving books with an invoice amount totaling $11,500; $10.700 of the amounts due for book purchases had been paid by year-end. 13. An additional $700 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $372,500 and the U.S. securities had a market value of $129.800 zz of December 31. Required Using the Excel template provided (a separate tab is provided for each of the requirements: 2. Prepare journal entries recording the events 1 to 14 for the capital projects, debt service, and permanent funds. 5. Post the journal entries to T-accounts. 2. Prepare closing entries. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted and unexpended spendable resources in the debt service fond are classifed