PLEASE PLEASE HELP WITH THE ABOVE EXCEL WORK. THANKS SO SO MUCH FOR YOUR TIME AND HELP!

Continuous Problem - City of Monroe Chapter 5 Capital Projects Fund Transactions The voters of the City of Monroe approved the issuance of tax-supported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,340,000 grant was expected from the state government. Required: a. Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary. (1) On January 1, 2023, the total face amount of bonds, bearing an interest rate of 8 percent, was sold at a $200,000 premium. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds. (2) The grant from the state government was recorded, with an understanding that the state would send a cash payment later in the year. (3) Legal and engineering fees early in the project were paid in the amount of $121,000. This amount had not been encumbered. (4) Architects were engaged at a fee of $250,000, funds were encumbered accordingly. (5) Preliminary plans were approved, and the architects were paid $50,000 (20 percent of the fee). (6) The complete plans and specifications were received from the architects and approved. A liability in the amount of $150,000 to the architects was approved and paid. (7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of $4,500,000 was accepted, and a contract was signed. Funds were encumbered accordingly. (8) The construction company required partial payment of $1,350,000. Payment was approved and vouchered with the exception of a 5 percent retainage. (9) Cash in the full amount of the grant was received from the state government. (10) Furniture and equipment for the annex were ordered at a total cost of $459,500. Funds were encumbered accordingly. (11) Payment was made to the contractor for the amount payable (see 8 above). (12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid. (13)The furniture and equipment (from #10) were received at a total actual installed cost of $459,300. Invoices were approved for payment. (14) The remainder of the architects' fees was approved for payment. (15) The City Jail Construction Fund paid all outstanding accounts payables ($ 509,300) on December 31, 2023. (16) The remaining cash was transferred to the City Jail Debt Service Fund.

Continuous Problem - City of Monroe b. Post the entries to the City Jail Construction Fund general ledger. c. Prepare and post an entry closing all nominal accounts to Fund Balance. New Debt Service Fund Transactions On the advice of the city attorney, a City Jail Debt Service Fund is opened to account for debt service transactions related to the bond issue sold on January 1, 2023. Principal amounts of $200,000 each will come due annually over a 20-year period commencing January 1, 2024. Interest payment dates are July 1 and January 1. The first interest payment will be July 1, 2023. Required: a. Open a general journal for the City Jail Debt Service Fund. Record the following transactions, as necessary. Control accounts are not necessary (1) The $200,000 premium described in transaction 1 of the Capital Projects Fund was received as a transfer from this fund. (2) Cash in the amount of $160,000 was received from the General Fund on June 30 and was transferred to the fiscal agent. (3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest due that day. (Bond terms were provided in transaction #1 for the Capital Projects Fund.) (4) The transfer described in transaction 16 of the Capital Projects Fund was received. (5) Cash in the amount of $360,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for interest and principal payments due on January 1 (next fiscal year). The government elected to not accrue the interest at year-end. (6) $ 200,000 of the remaining cash on hand was invested. b. Post the entries to the City Jail Debt Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Fund Balance. Assume any remaining net resources are classified as Fund Balance - Assigned for Debt Service. Governmental Funds Financial Statements Required: a. Prepare a Balance Sheet for the governmental funds for the City of Monroe as of December 31, 2023. Include the City Jail Debt Service Fund only. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds for the City of Monroe for the Year Ended December 31, 2023. Include the City Jail Construction Fund and the City Jail Debt Service Fund

CAPITAL PROJECTS FUND CAPITAL PROJECTS Account Title Debits Credits FUND BALANCE 0 Preclosing closing entry 0 ending balance CITY JAIL DEBT SERVICE FUND CITY JAIL DSF Account Title Debits Credits FUND BALANCE 0 Preclosing closing entry 0 ending balance ... Debt Service Fund Closing Entries Stmt of revenues & expenditures Balance Shee ... + 1Revenues Property Taxes Sales Taxes Interest & penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues Total Revenues Expenditures Current: | General Government Public Safety Highways and Streets Sanitation Health oen Debt Service Fund Amounts shaded in blue came from Chapter 4 assignment City Jail City Jail Total Street and Debt Constructio Governmental General Highway Service n Funds $ 6.657.500 $ 6,657,500 2,942,000 2,942,000 16,100 5,120 21,220 800,000 800,000 332,000 1,065,000 1,397,000 350,000 350,000 11,097,600 1,070,120 - - 12,167,720 1,646,900 1,646,900 3,026,900 3,026,900 1,441,400 1,040,500 2,481,900 591,400 591,400 724,100 724,100 Closing Entries Stmt of revenues & expenditures Balance Shee *= + Sanitation 591,400 591.400 Health 724,100 724,100 Welfare 374,300 374,300 Culture and Recreation 917,300 917.300 Capital Outlay 492 800 492800 Debt Service - Principal - Interest - Total Expenditures 9.215,100 1,040,500 - 10,255,600 Excess (Deficiency) of Revenues Over Expend 1,882 500 29,620 - 1,912,120 Other Financing Sources (Uses) - Proceeds of Bonds - Premium on Bonds Sold - Transfers In - Transfers Out (1,662,000) (1,662,000) Total Other Financing Sources (Uses) (1,662,000) - - (1,662.000) Net Change in Fund Balance 220,500 29.620 - 250,120 Fund Balance, January 1 737,250 180,000 - 917.250 Fund Balance, December 31 957,750 $ 209.620 S - $ $ 1,167,370 Debt Service Fund Closing Entries Stmt of revenues & expenditures Balance Shee *** + Amounts shaded in blue came from Chapter 4 assignment City Jail Total Street and Debt Governmental General Highway Service Funds Assets Cash $ 545,900 $ 102,120 $ 648,020 Cash with Fiscal Agent Investments 59,000 59,000 Taxes Reveivable - (net) 262,000 262,000 Interest & Penalties Receivable - (net) 16,850 16,850 Due from State Government 384,000 175,000 559,000 Total Assets $ 1,208,750 $ 336,120 $ $ 1,544,870 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 200,300 $ 126,500 $ 326,800 Due to Other funds 40,200 40,200 Total Liabilities 240,500 126,500 367,000 Deferred Inflows ... Closing Entries Stmt of revenues & expenditures Balance Sheet +A TOtdl Assers > C 1,2U8, 75U E > 350,120 | J K L M > 10443/ Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 200,300 $ 126,500 $ 326,800 Due to Other funds 40,200 40,200 Total Liabilities 240,500 126,500 367,000 Deferred Inflows Property Taxes 10,500 10,500 Fund Balances Restricted for Street & Highway Maintenance 209,620 209,620 Assigned for: - Debt Service - Other Purposes 58,000 58,000 Unassigned 899,750 899,750 Total Fund Equity 957,750 209,620 1,167,370 Total Liabilities, Deferred Inflows and Fund Balan $ 1,208,750 $ 336,120 $ 1,544,870