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The pre-closing trial balance for the Bahla Village Public Works Capital Project Fund is provided below. Based on the following balances, prepare the June 30,
- The pre-closing trial balance for the Bahla Village Public Works Capital Project Fund is provided below. Based on the following balances, prepare the June 30, 2019, statement of revenues, expenditures, and changes in fund balance for the capital projects fund.
| Ledger Account Balances | Debits | Credits |
| Cash | 500,000 |
|
| Grant Receivable | 700,000 |
|
| Investments | 1,000,000 |
|
| Contract Payable |
| 444,000 |
| Contract PayableRetained Percentage |
| 78,000 |
| Reserve for Encumbrances |
| 2,200,000 |
| Revenues |
| 3,678,000 |
| Encumbrances | 1,200,200 |
|
| Construction Expenditures | 5,480,000 |
|
| Other Financing SourcesProceeds of Bonds |
| 2,480,200 |
| Total | 8,880,200 | 8,880,200 |
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