Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.)

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

Step: 3

blur-text-image

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

Financial Accounting

Authors: Robert Libby, Patricia A Libby

7th Edition

0078111021, 9780078111020

More Books

Students also viewed these Accounting questions