Prepare journal entries to record the above information in the general ledger accounts of the Recreation Construction Fund

During fiscal year 19x8, the voters of the City of Ashland approved the construction and equipping of a recreation center to be financed by tax-supported bonds in the amount of $5,000,000. During 19x8, the following events and transactions occurred: 1. Preliminary planning and engineering expenses were incurred in the amount of $125,000. No money was immediately available for paying these costs (credit Vouchers Payable). 2. Supplies to be used by the city's own working force in connection with the project were ordered in the amount of $50,000. 3. A contract was let under competitive bids for a major segment of the construction project in the amount of $4,000,000. 4. All the supplies referred to in item 2 were received at a net cost of $50,500. This amount was approved for payment. 5. An interfund invoice (not encumbered) was received from the Street Fund for work done on the project in the amount of $60,000. The inve was approved for payment. 6. An invoice for $2,100,000 was received from a contractor for a portion of work that had been completed under the general contract. 7. The bond issue was sold at par plus accrued interest (the accrued interest was deposited in the fund which will service the bonded debt). 8. The amount due the Street Fund was paid. 9. The contractor's bill, less a 5 percent retention, was vouchered for payment. 10. All vouchers payable, except $1,300 (about which there was some controversy), were paid. 11. Cash in the amount of $2,500,000 was invested in short-term marketable securi- ties. 12. Fiscal year-end closing entries were prepared.

During fiscal year 19x8, the voters of the City of Ashland approved the construction and equipping of a recreation center to be financed by tax-supported bonds in the amount of $5,000,000. During 198, the following events and transactions occurred: 1. Preliminary planning and engineering expenses were incurred in the amount of $125,000. No money was immediately available for paying these costs (credit Vouchers Payable). 2. Supplies to be used by the city's own working foree in connection with the project were ordered in the amount of $50,000. 3. A contract was let under competitive bids for a majo; segment of the construction project in the amount of $4,000,000. 4. All the supplies referred to in item 2 were received ut at net: cost of $50,500. This amount was approved for payment. 5. An interfund invoice (not encumbered) was received from the Street Fund for work done on the project in the amount of $60,000. The in wive was upproved for payment. 6. An invoice for $2,100,000 was received from a contracter for + purtion of work that had been completed under the general contract. 7. The bond issue was sold at par plus accrued interest the aswued interest was deposited in the fund which will service the bonded deb: 8. The amount due the Street Fund was paid. 9. The contractor's bill, less a 5 percent retention, was vouchere :.2 payment. 10. All vouchers payable, except $1,300 (about which there was some controversy), were paid. 11. Cash in the amount of $2,500,000 was invested in short-tern: narketable securities. 12. Fiscal year-end closing entries were prepared