Fill This Form To Receive Instant Help
Homework answers / question archive / The citizens of Spencer County approved the issuance of $2,016,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex
The citizens of Spencer County approved the issuance of $2,016,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:
Trial Balance—December 31, 2020 Debits Credits
Cash $912,000
Contract payable $555,000
Due from state government 200,000
Encumbrances 112,000
Expenditures—capital 1,858,000
Intergovernmental grant 399,000
OFS: premium on bonds 61,000
OFS: proceeds sale of bonds 2,016,000
Budgetary fund balance—Reserve for encumbrances 112,000
OFU: Transfer out 61,000
$3,143,000 $3,143,000
a. any closing entries necessary at year-end.
b.Prepare Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.
c.Prepare Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex.
Transaction List: