Question
Please prepare journal entries for the following transactions: Could Someone Help me with the below Journal Entries? 1. Estimated revenues and other financing sources for
Please prepare journal entries for the following transactions: Could Someone Help me with the below Journal Entries?
1. Estimated revenues and other financing sources for 20X2 included budgeted investment income of $25,000 and a budgeted transfer from the General Fund of $55,000. Unexpended appropriations of $1,720,000 carried over from the prior year. (Record the budget.)
2. The city reestablished its encumbrances of $1,720,000 that were closed at the end of 20X3.
3. The contractor billed the city $1,800,000 for the costs to complete the bridge. The project received final approval. The total cost of $3,500,000 included costs of $1,700,000 incurred in 20X3.
4. The city sold the Capital Projects Fund investments for $1,660,000, a gain of $10,000.
5. The city transferred $70,000 from the General Fund to the Bridge Capital Projects Fund.
6. The city paid the contractor the balance due, $1,885,000, and the fund was terminated.
7. The budgetary accounts were closed at year end. (Close the budgetary accounts in the transactions columns.)
Please use the following Account Titles:
-Cash
-Investments
-Contracts Payable -- Retained Percentage
-Fund Balance
-Estimated Revenues and OFSs
-Appropriations
-Budgetary Fund Balance
-Encumbrances
-Encumbrances Outstanding
-Expenditures -- Capital Outlay
-Contracts Payable
-Revenues -- Interest
-Transfer from the GF
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