CONTRACTS PAYABLE CASH ACCOUNTS PAYABLE RETAINED PERCENTAGE 4,200,000 1,282,500
ID: 2501997 • Letter: C
Question
CONTRACTS PAYABLE
CASH
ACCOUNTS PAYABLE
RETAINED PERCENTAGE
4,200,000
1,282,500
67,500
200,000
1,282,500
67,500
116,000
3,217,500
50,000
3,217,500
150,000
439,300
1,320,000
50,000
1,282,500
489,300
3,217,500
489,300
14,700
-
-
-
BUDGETARY FUND BALANCE
DUE FROM STATE
ENCUMBRANCES
RESERVE FOR ENCUMBRANCES
GOVERNMENT
250,000
50,000
50,000
250,000
1,320,000
150,000
150,000
1,320,000
4,500,000
4,500,000
1,350,000
1,350,000
439,500
439,500
3,150,000
3,150,000
439,500
439,500
-
50,000
50,000
-
-
CAPITAL
OTHER FIN. USES
EXPENDITURES
TRANSFERS OUT
116,000
200,000
50,000
14,700
150,000
1,350,000
3,150,000
439,300
50,000
5,305,300
214,700
REVENUES
OTHER FIN. SOURCES
OTHER FIN. SOURCES
INTERGOVERNMENTAL
BOND PROCEEDS
BOND PREMIUM
1,320,000
4,000,000
200,000
1,320,000
4,000,000
200,000
I need to prepare and post closing entries for these accounts, any help would be greatly appreciated.
Thank you
CONTRACTS PAYABLE
CASH
ACCOUNTS PAYABLE
RETAINED PERCENTAGE
4,200,000
1,282,500
67,500
200,000
1,282,500
67,500
116,000
3,217,500
50,000
3,217,500
150,000
439,300
1,320,000
50,000
1,282,500
489,300
3,217,500
489,300
14,700
-
-
-
BUDGETARY FUND BALANCE
DUE FROM STATE
ENCUMBRANCES
RESERVE FOR ENCUMBRANCES
GOVERNMENT
250,000
50,000
50,000
250,000
1,320,000
150,000
150,000
1,320,000
4,500,000
4,500,000
1,350,000
1,350,000
439,500
439,500
3,150,000
3,150,000
439,500
439,500
-
50,000
50,000
-
-
CAPITAL
OTHER FIN. USES
EXPENDITURES
TRANSFERS OUT
116,000
200,000
50,000
14,700
150,000
1,350,000
3,150,000
439,300
50,000
5,305,300
214,700
REVENUES
OTHER FIN. SOURCES
OTHER FIN. SOURCES
INTERGOVERNMENTAL
BOND PROCEEDS
BOND PREMIUM
1,320,000
4,000,000
200,000
1,320,000
4,000,000
200,000
Explanation / Answer
CAPITAL PROJECTS FUND CAPITAL PROJECTS Account Title Debits Credits FUND BALANCE 0 Preclosing Revenues - Intergovernmental 1,320,000 OFS - Proceeds of Bonds 4,000,000 0 closing entry OFS - Premium on Bonds 200,000 Fund balance - Capital Expenditures 5,305,300 0 ending balance OFU - Transfers Out 214,700 CITY HALL DEBT SERVICE FUND CITY HALL DSF Account Title Debits Credits FUND BALANCE 580,000 Preclosing OFS - Transfers In 1,142,000 12,000 closing entry Fund balance 12,000 Expenditures - Bond Interest 354,000 568,000 ending balance Expenditures - Bond Principal 800,000 CITY JAIL DEBT SERVICE FUND CITY JAIL DSF Account Title Debits Credits FUND BALANCE 0 Preclosing OFS - Transfers In 734,700 574,700 closing entry Fund balance 574,700 Expenditures - Bond Interest 160,000 574,700 ending balance Expenditures - Bond Principal - CITY JAIL CAPITAL PROJECTS FUND CONTRACTS PAYABLE reference Account Titles Debits Credits CASH ACCOUNTS PAYABLE RETAINED PERCENTAGE 1 4,200,000 200,000 1 1,282,500 8 67,500 8 5-C-1 9 1,320,000 116,000 3 11 1,282,500 12 67,500 1 Cash 4,200,000 50,000 5 3,217,500 12 Other Financing Sources - Proceeds of Bonds 4,000,000 150,000 6 12 3,217,500 Other Financing Sources - Premium on Bonds 200,000 1,282,500 11 439,300 13 3,217,500 12 50,000 14 Other Financing Uses-Transfer Out 200,000 489,300 15 15 489,300 Cash 200,000 14,700 15 2 Due From State Government 1,320,000 - - Revenues - Intergovernmental 1,320,000 - BUDGETARY FUND BALANCE 3 Capital Expenditure 116,000 DUE FROM STATE 4 ENCUMBRANCES RESERVE FOR ENCUMBRANCES RESERVE FOR ENCUMBRANCES Cash 116,000 GOVERNMENT 7 250,000 50,000 5 5 50,000 250,000 4 2 1,320,000 10 4,500,000 150,000 6 6 150,000 4,500,000 7 4 Encumbrances Control 250,000 1,320,000 9 439,500 1,350,000 8 8 1,350,000 439,500 10 Budgetary F/B - Reserve for Encumbrances 250,000 3,150,000 12 12 3,150,000 439,500 13 13 439,500 5 Budgetary Fund Balance - Reserve for Encumbrances 50,000 50,000 14 14 50,000 Encumbrances Control 50,000 - Capital Expenditure 50,000 - - Cash 50,000 CAPITAL OTHER FIN. USES 6 Budgetary Fund Balance - Reserve for Encumbrances 150,000 EXPENDITURES 1 TRANSFERS OUT Encumbrances Control 150,000 3 116,000 16 200,000 5 50,000 14,700 Capital Expenditure 150,000 6 150,000 Cash 150,000 8 1,350,000 12 3,150,000 7 Encumbrances Control 4,500,000 13 439,300 Budgetary F/B - Reserve for Encumbrances 4,500,000 14 50,000 8 Budgetary Fund Balance - Reserve for Encumbrances 1,350,000 Encumbrances Control 1,350,000 5,305,300 214,700 Capital Expenditure 1,350,000 Accounts payable 1,282,500 REVENUES OTHER FIN. SOURCES OTHER FIN. SOURCES Contracts payable - retained percentage 67,500 INTERGOVERNMENTAL BOND PROCEEDS BOND PREMIUM 1,320,000 2 4,000,000 1 200,000 1 9 Cash 1,320,000 Due From State Government 1,320,000 1,320,000 4,000,000 200,000 10 Encumbrances Control 439,500 Budgetary F/B - Reserve for Encumbrances 439,500 Total Debits 5,520,000 11 Accounts payable 1,282,500 Total Credits 5,520,000 Cash 1,282,500 12 Budgetary Fund Balance - Reserve for Encumbrances 3,150,000 Encumbrances Control 3,150,000 Capital Expenditure 3,150,000 Contracts payable - retained percentage 67,500 Accounts payable 3,217,500 Accounts payable 3,217,500 Cash 3,217,500 13 Budgetary Fund Balance - Reserve for Encumbrances 439,500 Encumbrances Control 439,500 Capital Expenditure 439,300 Accounts payable 439,300 14 Budgetary Fund Balance - Reserve for Encumbrances 50,000 Encumbrances Control 50,000 Capital Expenditure 50,000 Accounts payable 50,000 15 Accounts payable 489,300 Cash 489,300 16 Other Financing Uses-Transfer Out 14,700 Cash 14,700 debits = credits ??? 27,795,800 27,795,800
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.