Prepare the entries required to record the following transactions in an Enterprise Fund and answer the questions that follows based on same 1. Received a grant (in cash) to be used to finance half of the cost of expanding the town's water treatment plant, $10 million. All eligibility requirements have been met. 2. Received a transfer from the General Fund to cover part of the cost of expanding the treatment plant, $5 million. 3. Issued bonds at mid-year at par ($5,000,000) to provide part of the financing for the treatment plant expansion. The bonds bear interest at 6%, payable semiannually. 4. Signed a contract for construction of the plant, $20 million. 5. Received a progress billing from the contractor, $8 million. 6. Paid the contractor all but a retention of 5% 7. Make any necessary adjusting entries. Received a progress billing from the contractor, 18 million. What account is debited ? Paid the contractor all but a retention of 5% What account is debited Lsued bonds at mid.year at par (55,000,000) to provide part of the financing for the treatrnent plant expansion. The bonds bear interest at 6%, payable semiannually, What account is credited? Recewed a progress billing from the contractor, $8 million. What account is debited? Paid the contractor all but a retention of 5%. What account is debited Issued bonds at mid-year at par ($5,000,000) to provide part of the financing for the treatment plant expansion. The bonds bear interest at 6%, payable semiannually. What account is credited? Received a progress biling from the contractor, 58 miltion. What account is credited? Received a grant (in cash) to be used to finance half of the cost of expanding the town's water treatment plant, s10 milion. All eligbility requirements have been What account is credited? met. Signed a contract for construction of the plant, 520 million is the entry for encumbrance here YES or NO Make any necescary adjusticg entien if there is an entry - what amount of interest expense is there Pectived a transtor from the Generat fund to cover part of the cost of expanding the treatment plant is miltion is the credit to an operating revenue account resor No Pad the contractor all but a retention of 5%. Apart from cast what account is credited banch be hsued at. bocoum or Premuin Choose... Choose... Choose... CONSTRUCTION IN PROGRESS PREMIUM $300,000 $150,000 YES CAPITAL CONTRIBUTIONS NO RETAINAGE PAYABLE BONDS PAYABLE CASH OR BANK DISCOUNT CONTRACTS PAYABLE SOME OTHER ACCOUNT OR AMOUNT Choose... Choose