The citizens of Dublin County approved the issuance of $2,000,000 in 6 percent general obligation...
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Accounting
The citizens of Dublin County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The pre-closing trial balance of the courthouse annex capital project fund follows:
Trial Balance-December 31, 2015
Debits
Credits
Cash
$900
Contract payable
$550
Due from state government
200
Encumbrances
85
Expenditures-capital
1,850
Intergovernmental grant
400
OFS: premium on bonds
45
OFS: proceeds sale of bonds
2,000
Budgetary fund balance-Reserve for encumbrances
85
Transfer Out
45
$3,080
$3,080
Prepare any closing entries necessary at year-end.
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.
Prepare a balance sheet for the Courthouse Annex Capital Project Fund, assuming all unexpended resources are restricted to construction of the courthouse annex.
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