need help filling out 5-b-5 through 5-b-8. not sure what to label and add fo the excel file. if someone could help with what to put on the debit and credit side and how to fill out the excel sheet for those transactions that would be great. i have posted both the format of the assignment as well as the questions for each entry

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 Expense-Interest 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. 3.134 530 5 Para 4-a-5 General Fund payrolls for the year totaled: From this amount, the following was withheld: Employees' fet Employees' sh Employees's Remaining am -387,070 -239,230 -140,720 2.367 510 The City of Corvallis does not record encumbrances for payrolls. The payrolls were chargeable against the following functions appropriations: General Gover 390,630 Public Safety 1.650.750 Public Works 502.560 Health and We 326,090 Culture and RA 264,500 Total 3,134,5301 Required: Make summary journal entries for payroll in both the General Fund and governmental activities general journals for the year. 6 14-0-61 The following were recorded as liabilities: City's share of FICA taxes: City's contribution to retirement funds administered by the state government: Total Required: Record this transaction in both the General Fund and governmental activities general journals. Assume that the total should be allocated in the same proportions as in paragraph 4-2-5 above, that is (5476,376/53,822,600) x 5487,120 - $60,705 239,230 160,210 399,440 General Gover (5390,63053.134,530) x $399,440 49,779 Public Safety ($1.650,750/53,134,530) x $399,440 - 210,359 Public Works (5502,56053,134,530) x 5399,440 - 64,042 Health and We (5326,0903,134,530) x $399 440 41.554 Culture and R (5264,500 $3,134,530) x $399,440 - 33,706 (Note: The allocated amount for Culture & Recreation was rounded up one dollar to compensate for rounding error) 7 14-8-71 Invoices for some of the goods recorded as encumbrances in transaction 4- a-2 were received and vouchered for later payment, as listed below. Related encumbrances were canceled in the amounts shown in the right-hand column. Expenditures General Government 76.950 Public Safety 142,410 Public Works 156,290 Health and Welfare 144.650 Culture and Recreation 89,610 Miscellaneous 33,750 $643,660 Encumbrances 77,700 142,150 156,220 141,960 89,320 34,080 $641.430 Required: Record the receipt of these goods and the related vouchers payable in both the General Fund (GF) and governmental activities journals. At the government-wide (GW) level, you should assume the city uses the periodic inventory method. Thus, the invoiced amounts above should be recorded as expenses of the appropriate functions, except that $27,800 of the amount charged to the Public Works function was for a vehicle (debit Equipment for this item at the government-wide level). Expenditures charged to the miscellaneous Category should be recorded in this case as General Government expenses at the government-wide (GW) level. During FY 2018, the City of Corvallis received notification that the state goverment would remit $151,710 to it early in the next fiscal year, although this amount is intended to finance certain public safety operations of the current year. This amount had been anticipated and was included in the budget for the current year as "Intergovernmental Revenue." Required: Record this transaction as a receivable and revenue in the General Fund (GF) and governmental activities journals (GW). (Note: At the government-wide (GW) level, assume that this item is an operating grant to the Public Safety function