Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions took place in the town of Burchette during 20X3 1. A bond issue of $12,000,000 was authorized fro the construction of a

The following transactions took place in the town of Burchette during 20X3

1. A bond issue of $12,000,000 was authorized fro the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General ledger accounts of a new Capital Project Fund.

2. The bonds were sold at a premium of $90,000

3. The cost of issuing the bonds, $80,000, was paid

4. An order was placed for materials estimated to cost $6,500,000

5. Salaries and wages of $500,000 were paid

6. The premium, net of bond issuance costs, was transferred to a debt service fund.

The following transactions took place during 20X4

7. The materials were received; the actual cost was $6,585,000

8. Salaries and Wages of $4,010,000 were paid

9. All outstanding bills were paid

10. The project was completed. The accounts were closed, and the remaining balance was transferred to the Debt Serivce Fund.

a.Prepare all journal entries budgetary and actual including entries to record the Capital Projects Fund transactions for 20X3 and 20X4.

b. Prepare a Capital Projects Fund Balance sheet as of December 20X3

c. Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3 and (2) a seperate budgetary combined comparision statement for the years ended December 31, 20X3 and 20X4..

Could i get help with letters a-c

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions

Question

2. List the advantages of listening well

Answered: 1 week ago