Chesterfield County had the following transactions a. A budget is passed for all

Question

Chesterfield County had the following transactions a. A budget is passed for all ongoing activities. Revenue is anticipated to be $980,250 with approved spending of $580,000 and operating transfers out of $333,000 b. A contract is signed with a construction company to build a new central office building for the government at a cost of $9.1 million. A budget for this project has previously been recorded c. Bonds are sold for $9.1 million (face value) to finance construction of the new office building d. The new building is completed. An invoice for $9.1 million is received and paid e. Previously unrestricted cash of $1.62 million is set aside to begin paying the bonds issued in (c) f. A portion of the bonds comes due and $1.62 mllion is paid. Of this total, $190,000 represents interest. The interest had not been previously accrued g. Citizens' property tax levies are assessed. Total billing for this tax is $830,000. 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 $204,000 is received from a toll road. This money is restricted for highway maintenance i. The county received investments valued at $325,000 as a donation from a grateful citizen. Income from these investments must be used to beautify local parks Prepare the entries first for fund financial statements and then for government-wide financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in millions.) FUND FINANCIAL STATEMENTS View transaction list Journal entry worksheet 4 5 6 Record the budget for the year - General Fund Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. General Fund Estimated Revenue Control                             Dr. 980250     To Appropriations Control 580000     To Estimated Other Financing Uses-Operating Transfers 333000     To Budgetary Fund Balance 67250 b. Capital Projects Fund Encumbrances Control                                        Dr. 9100000     To Fund Balance - Reserved for Encumbrances 9100000 c Capital Project Fund Cash                                                                              Dr. 9100000    To Other Financing Sources Control 9100000 d.1 Fund Balance - Reserved for Encumbrances Dr. 9100000    To Encumbrances Control 9100000 d.2 Expenditure Control                                              Dr. 9100000    To Contracts Payable 9100000 d.3 Contracts Payable                                                   Dr. 9100000    To Cash 9100000 e.1 General Fund Other Financing Uses Control                             Dr. 1620000    To Cash 1620000 e.2 Debt Service Fund Cash                                                                              Dr. 1620000    To Other Financing Resources 1620000 f Debt Service Fund Expenditure Control-Bonds                                Dr. 1430000 Expenditure Control-Interest                            Dr. 190000    To Cash 1620000 g General Fund Property Tax Receivables                                    Dr. 830000     To Revenues Control (830000*96%) 796800     To Allowance for Uncollectible Taxes 33200 h Special Revenue Fund Cash                                                                              Dr. 204000     To Revenues Control 204000 i Permanent Fund Investment                                                                 Dr. 325000    To Fund Balance - Reserved for Park Beautification 325000 Government Wide Financial Statements a. No Entry b No Entry c Governmental Activities Cash                                                                               Dr. 9100000     To Bonds Payable 9100000 d Governmental Activities Buildings                                                                      Dr. 9100000     To Cash 9100000 e No Entry f Governmental Activities Bonds Payable                                                            Dr. 1430000 Interest Exp.                                                                Dr. 190000     To Cash 1620000 g Governmental Activities Property Taxes Receivables                                 Dr. 830000     To Revenue Control 796800     To Allowance for Uncollectible Taxes 33200 h This entry is made in the Governmental Activities unless the toll road is reported as an Enterprise Fund Cash                                                                               Dr. 204000    To Revenues - Reserved for Highway Maint. 204000 i Governmental Activities Investments                                                              Dr. 325000    To Revenues - Donation 325000

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.