The citizens of Spencer County approved the issuance of $2,008,000 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 CreditsCash$908,000 Contract payable $551,000 Due from state government 192,000 Encumbrances 108,000 Expenditures—capital 1,854,000 Intergovernmental grant 395,000 OFS: premium on bonds 57,000 OFS: proceeds sale of bonds 2,008,000 Budgetary fund balance—Reserve for encumbrances 108,000 OFU: Transfer out 57,000 $3,119,000 $3,119,000 Required:a. Prepare any closing entries necessary at year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex. Required B Required CPrepare any closing entries necessary at year-end. (If no entry is required for a transaction/event, selethe first account field.)Required AView transaction listJournal entry worksheet2Record the closing entry to transfer revenue and expenditure to fund balance.Note: Enter debits before credits.Eventa1.Record entryGeneral JournalClear entryDebit CreditView general journalRequired A Required BPrepare a Statement of Revenues, Expenditures, and Changes in Fund Bala(Deductions should be entered with a minus sign.)RevenuesRequired CTotal RevenuesExpendituresSPENCER COUNTYCourthouse Annex Capital Projects FundStatement of Revenues, Expenditures, andChanges in Fund BalanceFor the Year Ended December 31, 2020Total ExpendituresExcess (Deficiency) of Revenues Over ExpendituresOther Financing Sources (Uses)Total Other Financing Sources (Uses)Net Change in Fund BalanceFund Balance, January 1Fund Balance, December 31$00000|Required A Required BPrepare a Balance Sheet for the courthouse annex capital projeconstruction of the courthouse annex.AssetsSPENCER COUNTYCourthouse Annex Capital Projects FundBalance SheetAs of December 31, 2020Total AssetsLiabilities and Fund BalancesLiabilitiesRequired CTotal LiabilitiesFund BalancesRestricted for:Total Fund BalancesTotal Liabilities and Fund Balances$$0000

Government funds require two financial statements, balance sheet and statement of revenues,…

The citizens of Spencer County approved the issuance of $2,008,000 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 $ 908,000 Contract payable $ 551,000 Due from state government 192,000 Encumbrances 108,000 Expenditures—capital 1,854,000 Intergovernmental grant 395,000 OFS: premium on bonds 57,000 OFS: proceeds sale of bonds 2,008,000 Budgetary fund balance—Reserve for encumbrances 108,000 OFU: Transfer out 57,000 $ 3,119,000 $ 3,119,000 Required: a. Prepare any closing entries necessary at year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund. c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex.

College Accounting (Book Only): A Career Approach

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ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1CP: After the adjusting entries are recorded and posted and the financial statements have been prepared,...

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Question

The citizens of Spencer County approved the issuance of $2,008,000 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	$	908,000
Contract payable				$	551,000
Due from state government		192,000
Encumbrances		108,000
Expenditures—capital		1,854,000
Intergovernmental grant					395,000
OFS: premium on bonds					57,000
OFS: proceeds sale of bonds					2,008,000
Budgetary fund balance—Reserve for encumbrances					108,000
OFU: Transfer out		57,000
	$	3,119,000		$	3,119,000

Required:
a. Prepare any closing entries necessary at year-end.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.
c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex.

Required B Required C
Prepare any closing entries necessary at year-end. (If no entry is required for a transaction/event, sele
the first account field.)
Required A
View transaction list
Journal entry worksheet
2
Record the closing entry to transfer revenue and expenditure to fund balance.
Note: Enter debits before credits.
Event
a1.
Record entry
General Journal
Clear entry
Debit Credit
View general journal
Required A Required B
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Bala
(Deductions should be entered with a minus sign.)
Revenues
Required C
Total Revenues
Expenditures
SPENCER COUNTY
Courthouse Annex Capital Projects Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance
For the Year Ended December 31, 2020
Total Expenditures
Excess (Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses)
Total Other Financing Sources (Uses)
Net Change in Fund Balance
Fund Balance, January 1
Fund Balance, December 31
$
0
0
0
0
0
|
Required A Required B
Prepare a Balance Sheet for the courthouse annex capital proje
construction of the courthouse annex.
Assets
SPENCER COUNTY
Courthouse Annex Capital Projects Fund
Balance Sheet
As of December 31, 2020
Total Assets
Liabilities and Fund Balances
Liabilities
Required C
Total Liabilities
Fund Balances
Restricted for:
Total Fund Balances
Total Liabilities and Fund Balances
$
$
0
0
0
0

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