8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and the contractor for the project requested a final payment of $1,650,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2023. Required: Record these transactions in both the Street Improvement Fund and governmental activities journals. Because the project is completed, all encumbrances for the project should be closed.

8. [Para. 5-a-8] On December 10, 2023 the Elm Street project was completed and the contractor for the project requested a final payment of $1,650,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2023. Required: Record these transactions in both the Street Improvement Fund and governmental activities journals. Because the project is completed, all encumbrances for the project should be closed.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 8DQ

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