The trial balance of the Economic Development Special Revenue Fund has beginning balances are debits to cash of $342,230 and investments of 125,000, and credits to accrued salaries payable 450, vouchers payable of 82,000, and fund balance of 384,780. Both the debits and credit sides equal $467,230.

The Economic Development Special Revenue Fund budget was adopted by the city council and included estimated operating recvenues of $930,000 and estimated investment income of $40,000. Appropiations of $945,000 were adopted for economic development programs.

QUESTIONS: Please record the following transactions.

1. the city received a 1,500,000 economic development grant from the state's department of economic development. the grant cash was received and is to be used in certain specified to attracct new business to the city and surronding area.

2. the city purchased investments of 1,300,000. the grant requires that all investment income from the investment of the grnat proceeds MUST be used for economic development.

3. the city received interest on its investments, 55,000.

4. the city incurred and vouchered 840,000 of economic development expenditures that qualify under the state grant program.

5. the city paid for salaries of 75,000 to economic development personnel. the payment included 450 of accrued salaries payable from the prior year. the salaries expenditures qualify under the grant program.

6. the city sold investments costing 800,000 for 815,000.

7. the city paid 800,000 on vouchers payable for economic development.

8. the fair value of the investments of the economic development special revenue fund at year end increased by 1,700. in addition, accrued interest on the investments at year end was 12,000.

9. Accrued salaries payable at year end totaled 200,

10. grant revenues for the year were recorded (if not recorded earlier).

11. the budgetary accounts were closed at year end. (close the budgetary accounts in the transactions columns).

Also, If you could label whether these transactions will be on the balance sheet or operating statement would be greatly appreciated.

Please help! thank you in advance!!

The beginning trial balance of the Harvey City Economic Development Grants Special Revenue Fund and its 20X4 budget and transactions are presented next. Prepare a worksheet for the Economic Development Special Revenue Fund similar to the General Fund worksheet you created in Chapter 4. Enter the effects of the following transactions and events in the appropriate columns of the worksheet. (A different solution approach may be used if desired by your professor.) Prepare the preclosing trial balance in the appropriate worksheet columns. Enter the preclosing trial balance amounts in the closing entry or postclosing trial balance (balance sheet data) columns, as appropriate. Prepare the 20X4 statement of revenues, expenditures, and charges in fund balance for the Economic Development Special Revenue Fund. Prepare the 20X4 balance sheet for the Economic Development Special Revenue Fund. The trial balance of the Economic Development Special Revenue Fund of Harvey City at January 1, 20X4, is presented here. The Economic Development Special Revenue Fund budget was adopted by the city council. The adopted budget included estimated operating grant revenues of $930,000 and estimated investment income of $40,000. Appropriation of $945,000 were adopted for economic development programs. Record the budget. The city received a $1, 500,000 economic development giant from the state's Department of Economic Development. The grant cash was received and is to be used in certain specified efforts to attract new businesses to the city and surrounding area. The city purchased investments of $1, 300,000. The grant requires that all investment income from the investment of the grant proceeds must be used for economic development. The city received interest on its investments, $55,000. The city incurred and vouchered $840,000 of economic development expenditures that qualify under the state grant program. The city paid salaries of $75,000 to economic development personnel. The payment included $450 of accrued salaries payable from the prior year. The salaries expenditures qualify under the grant program. The city sold investments costing $800,000 for $815,000. The city paid $800,000 on vouchers payable for economic development. The fair value of the investments of the Economic Development Special Revenue Fund at year end increased by $1, 700. In addition, accrued interest on the investments at year end was $12,000. Accrued salaries payable at year end totaled $200. Grant revenues for the year were recorded (if not recorded earlier). The budgetary accounts were closed at year end. (Close the budgetary accounts in the transactions columns.) The beginning trial balance of the Harvey City Economic Development Grants Special Revenue Fund and its 20X4 budget and transactions are presented next. Prepare a worksheet for the Economic Development Special Revenue Fund similar to the General Fund worksheet you created in Chapter 4. Enter the effects of the following transactions and events in the appropriate columns of the worksheet. (A different solution approach may be used if desired by your professor.) Prepare the preclosing trial balance in the appropriate worksheet columns. Enter the preclosing trial balance amounts in the closing entry or postclosing trial balance (balance sheet data) columns, as appropriate. Prepare the 20X4 statement of revenues, expenditures, and charges in fund balance for the Economic Development Special Revenue Fund. Prepare the 20X4 balance sheet for the Economic Development Special Revenue Fund. The trial balance of the Economic Development Special Revenue Fund of Harvey City at January 1, 20X4, is presented here. The Economic Development Special Revenue Fund budget was adopted by the city council. The adopted budget included estimated operating grant revenues of $930,000 and estimated investment income of $40,000. Appropriation of $945,000 were adopted for economic development programs. Record the budget. The city received a $1, 500,000 economic development giant from the state's Department of Economic Development. The grant cash was received and is to be used in certain specified efforts to attract new businesses to the city and surrounding area. The city purchased investments of $1, 300,000. The grant requires that all investment income from the investment of the grant proceeds must be used for economic development. The city received interest on its investments, $55,000. The city incurred and vouchered $840,000 of economic development expenditures that qualify under the state grant program. The city paid salaries of $75,000 to economic development personnel. The payment included $450 of accrued salaries payable from the prior year. The salaries expenditures qualify under the grant program. The city sold investments costing $800,000 for $815,000. The city paid $800,000 on vouchers payable for economic development. The fair value of the investments of the Economic Development Special Revenue Fund at year end increased by $1, 700. In addition, accrued interest on the investments at year end was $12,000. Accrued salaries payable at year end totaled $200. Grant revenues for the year were recorded (if not recorded earlier). The budgetary accounts were closed at year end. (Close the budgetary accounts in the transactions columns.)