You will be providing joumals for the GLTL, DSF, CPF, and GCA. For each of the transactions, you will be directed where journal entries are needed. Please be aware of how the transaction is being reported in each fund. For example, when a bond is sold, the sale of the bond is recorded in the GLTL journal while the receipt of the money is recorded in the CPF, and the annual payments of principal and interest are made in the DSF and the retirement of the debt is recorded in the GLTL. The asset will eventually appear in the GCA when the project is built You will not be making budgetary entries nor closing entries during this test. You will not be making the adjusting entry to reclassify the amount of principle and premium due in the coming year to current liability accounts. Record amounts in dollars only (no cents). Wilkes County's fiscal year is from July 1 to June 30. Wilkes County is going to build and maintain a new public pool on land it already owns (old school site), it is expected that the project will take 2 years to complete. The expected revenues are as follows Bond Proceeds............... 600,000 Property Tax Revenues (colected over 2 years) 250.000 State Grant (5% of the cost up to 62.500) 62,500 Federal Grant (15% of cost, up to $187,500). 187,500 Private Donations... 150.000 Total Resources 1.250.000 Transactions 1. July 15. Year 1: Private Donations, State grant, and the Federal grant are received Be careful about the conditions on each of the grants when recording the receipt of the funds CPF 2 Aug. 15. Year 1: The $600,000 bond issue to finance the ball park is issued at a premium of $24,600 and the money was received. The Bonds is a 10 year semiannual bond at 4.5% with payments due on Aug. 15 and Feb.15. The costs to issue the bonds are $3.500 CPF GLTL 3. Aug 30, Year 1: The net assessed value of all the property in the County is $50,000,000 according to the property appraiser. In the past uncollectible property taxes averaged 1% of the levy. You need $125,000 of Revenues - Property Taxes for the pool. You levy the tax for the pool (along with the rest of the property taxes but only need you to record the levy for the pool in the CPF) CPF 4. Aug 30. Year 1: 576,000 was transferred by the General Fund to the Debt Service Fund for bond payments for the next year. $30,000 was invested by the DSF. DSF 5. During the month of September, the county paid an architect $75,000 to draw up plans for the project and signed a contract with Williamson Construction to begin work on the pool. The contract was for a total of $1,166.000. There will be a 5% retained percentage which will be held back from the final payment CPF 6. Feb 15 Year 1: Payment of 38,000 was made on bond: $ 523,947 on principal, interest $12.155 and amortization of bond premium. Don't forget the effect on the GLTL (principal payable and premium reduced) DSF GLTL 7. Mer 1. Year 1: Invoices were received and vouchered for the Williamson contract Estimated and Plumbing...... 40,000 Structure...... 300,000 Electrical...... 200,000 Landscaping. 50,000 CPF 8. Apr. 1. Year 1: The Invoices were paid in #7 CPF 7. Mar. 1. Year 1. Invoices were received and vouchered for the Wiliamson contract Estimated and Actual Plumbing....40,000 Structure...... 300,000 Electrical....200.000 Landscaping 50,000 CPF 8. Apr 1, Year 1: The invoices were paid in #7 CPF 9. $120,000 in Property Taxes were collected by year's end. Current Taxes receivable and the related allowance were reclassified as delinquent after the due date. Don't worry about deferring revenues.) CPF 10. June 30, Year 1: Investments paid $10% return and increased 6% in value. DSF 11. June 30, Year 1: The asset was recorded in the GCA GCA Year 2 12. Aug. 1. Year 2: The investments are sold for $35,000 Don't forget the adjustment for FMV made last year when determining the book value of the investments DSF 13. Aug. 15, Year 2 The second bond payment of $38,000 is paid $ $24.528 on principal, interest $11,652 and amortization of bond premium. Don't forget the effect on the GLTL (principal payable and premium reduced) DSF GLTL 14. Aug 30, Year 2. The net assessed value of all the property in the County is $50,000,000 according to the property appraiser. In the past, uncollectible property taxes averaged 1% of the levy. You need $125,000 of Revenues Property Taxes for the pool. You levy the tax for the pool (along with the rest of the property taxes but I only need you to record the levy for the pool in the CPF). $5000 in year 1 property taxes were collected CPF 15. Aug. 30, year 2. 576.000 by the General Fund is transferred to the DSF for interest and principal payments for the next year. $30.000 is invested by the DSF. CPF DSF 16. Jan 30 year. 2. The park is completed. Invoices were received and vouchered for the Williamson contract: Estimated: Actual Plumbing.... 41,000 21.000 Structure....... 350,000 360,000 Electrical...... 85.000 95.000 Landscaping. 100,000 92.000 The holdback should be figured on the entire amount of the billings 17.Feb. 15 year 2. Payment of $38,000 was made on bond: $ $25,120 on principal interest $11,140 and amortization of bond premium. Don't forget the effect on the GLTL (principal payable and premium reduced) DSF GLTL 18.Feb. 28: Payment on the vouchers in 316 were made. CPF 19. Mar 15: Year 2 Inspection services were performed internal services) by a department financed through the General Fund for a capital project, in the amount of $9,000. They are not reimbursable by the State nor Federal grants. Inspection fees will be capitalized in the GCA in 20. (only want the CPF joumal entry at this time) CPF 20. Mar. 30. Year2. The new park and the facilities were approved by the inspector and accepted by Wikes County. It was ordered that a. The retained percentage be paid to the contractor in #16 b. The inspector be paid in 019 c. $120,000 of property taxes were received. Current Taxes receivable and the related allowance were reclassified as delinquent after the due date (Don't worry about deferring revenues)