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(Solved) Chesterfield County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial...


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1. Chesterfield County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial statements
a. A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with
approved spending of $540,000 and operating transfer out of $242,000
b. A contract is signed with a construction company to build a new central office building for the
government at a cost of $8 million. A budget for this project has previously been recorded.
c. Bonds are sold for $8 million (face value) to finance construction of the new office building
d. The new building is completed. An invoice for $8 million is received and paid
e. Previously unrestricted cash of $1 million is set aside to begin paying the bonds issued in (c)
f. A portion of the bonds comes due and $1 million is paid. Of this total, $100,000 represent
interest. The interest had not been previously accrued
g. Citizens’ property tax levies are assessed. Total billing for this tax is $800,000. On this date, the
assessment is a legally enforceable claim according to the laws of this state. The money to be
received is designated for the current period and 90% is assumed to be collectible in this period
with receipt of an additional 6% during subsequent periods but in time to be available to pay
current period claims. The remainder is expected to be uncollectible
h. Cash of $120,000 is received from a toll road. This money is restricted for highway maintenance
i. The county received investments valued at $300,000 as a donation from a grateful citizen.
Income from these investments must be used to beatify local parks 2. The following trial balance is taken from the General Fund of the City of Jennings for the year
ending December 31, 2013. Prepare a condensed statement of revenues, expenditures and other changes in fund balance and also prepare a
condensed balance sheet
Debit Accounts Payable……………………………………………………….. Credit 90,000 Cash…………………………………………………………………………... 30,000
Contracts Payable……………………………………………………… 90,000 Deferred revenues ……………………………………………………. 40,000 Due from capital project fund…………………………………… 60,000 Due to debt service fund……………………………………………
Expenditures…………………………………………………………….. 40,000
530,000 Fund balance- Unassigned…………………………………….
Investments…………………………………………………………… 170,000
410,000 Revenues………………………………………………………………. 760,000 Other financing sources- Bond Proceeds……………….. 300,000 Other financing sources- Transfer in……………………… 50,000 Other financing sources- Transfer out…………………… 470,000 Taxes receivable…………………………………………………. 220,000 Vouchers payable……………………………………………….
Total………………………………………………………………….. 180,000
1,720,000 1,720,000

 


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