The citizens of Spencer County approved the issuance of $2,003,000 in 6 percent general obligation bonds...

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Accounting

The citizens of Spencer County approved the issuance of$2,003,000 in 6 percent general obligation bonds to finance theconstruction of a courthouse annex. A capital projects fund wasestablished for that purpose. The preclosing trial balance of thecourthouse annex capital project fund follows:
Trial Balance-December 31, 2017
Debits
Credits
Cash
$905,000
Contracts payable
$550,000
Due from state government
188,000
Encumbrances
105,000
Expenditures-capital
1,851,000
Intergovernmental grant
391,000
OFS: premium on bonds
54,000
OFS: proceeds sale of bonds
2,003,000
Budgetary fund balance-Reserve for encumbrances
105,000
OFU: Transfer out
54,000
$3,103,000
$3,103,000
a. Prepare any closing entries necessary at year-end
b. Prepare a Statement of Revenues, Expenditures, and Changes inFund Balance for the courthouse annex capital project fund.
c. Prepare a Balance Sheet for the courthouse annex capitalproject fund, assuming all unexpended resources are restricted toconstruction of the courthouse annex.

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3.7 Ratings (420 Votes)

A Journal debit credit Other financing sources premium on bond 54000 Other financing sources proceeds from bond 2003000 Intergovernmental revenue 391000 To other financing uses transfers out 54000 To fund See Answer

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The citizens of Spencer County approved the issuance of $2,003,000 in 6 percent general obligation bonds...

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Accounting

Answer & Explanation Solved by verified expert

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Trial Balance-December 31, 2017	Debits	Credits
Cash	$905,000
Contracts payable		$550,000
Due from state government	188,000
Encumbrances	105,000
Expenditures-capital	1,851,000
Intergovernmental grant		391,000
OFS: premium on bonds		54,000
OFS: proceeds sale of bonds		2,003,000
Budgetary fund balance-Reserve for encumbrances		105,000
OFU: Transfer out	54,000
	$3,103,000	$3,103,000