Please help I dont know what i am missing, is incomplete.
this are the only options to choose from.
Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The County's fiscal year ends on June 30. 1. On July 1, 2019, bonds were sold at par in the amount of $8,000,000 for the project. 2. On July 5, a contract was signed with the Sellers Construction Company in the amount of $7,890,000. 3. On December 30, a progress bill was received from Sellers in the amount of $5,000,000. The bill was paid, except for 5 percent retained upon final inspection. 4. On June 1, a final bill was received in the amount of $2,890,000 from Sellers, which was paid, except for the 5 percent retained. An appointment was made between the county engineer and Bill Sellers to inspect the building and to develop a list of items that needed to be corrected. 5. On the day of the meeting, the county engineer discovered that Sellers had filed for bankruptcy and moved out of the state. The City incurred a liability in the amount of $497,000 to have the defects corrected by the Baker Construction Company. (Charge any excess over the balance of Contracts Payable-Retained Percentage to Construction Expenditures.) 6. All accounts (from 5 above) were paid; remaining cash was transferred to the debt service fund. 7. The accounts of the County Office Building Construction were closed. Required: a. Record the transactions in the County Office Building Construction Fund for the fiscal year ended June 30, 2020. b. Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the County Office Building Construction Fund. X Answer is not complete. St of Construction Revenues Fund Expenditures Record the transactions in the County Office Building Construction Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required") No Event Debit Credit 1 01 General Journal Cash Other financing sources - proceeds of bonds 8,000,000 > 8,000,000 2 02 Encumbrances 7,890,000 00 Budgetary fund balance - reserve for encumbrances 7,890,000 3 Expenditures: capital outlay 5,000,000 >> Contracts payable 5,000,000 4 3B Budgetary fund balance - reserve for encumbrances 5,000,000 Encumbrances O 5,000,000 5 3C 5,000,000 Contracts payable Contracts payable retained percentage 250,000 4,750,000 Cash 6 4A Expenditures: capital outlay 2,890,000 Contracts payable 2,890,000 7 4B Budgetary fund balance - reserve for encumbrances 2,890,000 > > Encumbrances 2,890,000 8 4C 2,890,000 Contracts payable Contracts payable retained percentage Cash 144,500 2,745,500 9 05 Contracts payable retained percentage Expenditures: capital outlay Accounts Payable 394,500 102,500 497,000 10 6A Accounts Payable 497,000 Cash 497,000 11 6B 7,500 Other financing uses - transfers out Cash 7,500 12 07 8,000,000 Other financing sources - proceeds of bonds Expenditures: capital outlay Other financing uses - transfers out oool 7,992,500 7,500 X Answer is not complete. St of Construction Revenues Fund Expenditures Prepare a separate Statement of Revenues, Expenditures, and Changes in Fund Balances for the County Office Building Construction Fund. Enter deficiencies and transfers out, if any, as negative values. ARMSTRONG COUNTY COUNTY OFFICE BUILDING CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEAR ENDED JUNE 30, 2020 REVENUES: $ 0 EXPENDITURES: Expenditures: capital outlay > 7,992,500 OO OTHER FINANCING SOURCES (USES): Other financing sources - proceeds of bonds Other financing uses - transfers out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance, July 1, 2016 Fund Balance, June 30, 2017 8,000,000 (7,500) 7,992,500 0 0 $ 0 No Journal Entry Required Accounts Payable Budgetary fund balance reserve for encumbrances Cash Contracts payable Contracts payable retained percentage Encumbrances Expenditures: capital outlay Fund balance Fund balance Other financing sources - premium on bonds Other financing sources - proceeds of bonds Other financing uses - transfers out
