Answered step by step
Verified Expert Solution
Question
1 Approved Answer
show completely plis The citizens of Spencer County approved the issuance of $2,010,000 in 6 percent general obligation bonds to finance the construction of a
show completely plis
The citizens of Spencer County approved the issuance of $2,010,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows: Debits $999.000 Credits 5 552,000 Trial Balance-December 31, 2020 Cash Contract payable Due from state government Encumbrances Expenditures-capital Intergovernmental grant OFS: premium on bonds OFS: proceeds sale of bonds Budgetary fund balance Reserve for encumbrances OFU: Transfer out 194,000 109,000 1,855,000 396,000 58.000 2,010,000 109.000 58,000 13,125,000 $3,125,000 Required: a. Prepare any closing entries necessary at year-end b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare any closing entries necessary at year-end. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started