Question
Transactions and Events20X4Bridge Capital Projects Fund Balance for Jan 1st 20x4 Debit Credit Cash $155,00 Investments 1,650,000 Contracts Payable - retained % $85,00 Fund Balance
Transactions and Events20X4Bridge Capital Projects Fund
Balance for Jan 1st 20x4
Debit | Credit | |
Cash | $155,00 | |
Investments | 1,650,000 | |
Contracts Payable - retained % | $85,00 | |
Fund Balance | 1,720,000 | |
Total | 1,805,000 | 1,805,000 |
Record the following transactions
1. Estimated revenues and other financing sources for 20X2 included budgeted investment income of $25,000 and a budgeted transfer from the General Fund of $55,000. Unexpended appropriations of $1,720,000 carried over from the prior year. (Record the budget.)
2. The city reestablished its encumbrances of $1,720,000 that were closed at the end of 20X3.
3. The contractor billed the city $1,800,000 for the costs to complete the bridge. The project received final approval. The total cost of $3,500,000 included costs of $1,700,000 incurred in 20X3.
4. The city sold the Capital Projects Fund investments for $1,660,000, a gain of $10,000.
5. The city transferred $70,000 from the General Fund to the Bridge Capital Projects Fund.
6. The city paid the contractor the balance due, $1,885,000, and the fund was terminated.
7. The budgetary accounts were closed at year end. (Close the budgetary accounts in the transactions columns.)
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