Question

Crystal City established a capital projects fund to account for the construction of a new bridge. During the year the fund was established, the city issued bonds, signed (and encumbered) $6 million in contracts with various suppliers and contractors, and incurred $4.3 million of construction costs. It temporarily invested a portion of the bond proceeds and earned $20,000 in interest, which was received in cash. The accompanying statement of revenues, expenditures, and changes in fund balance and balance sheet were taken from its year-end financial report. Based on the data in the two statements, as well as those provided in the previous paragraph, prepare journal entries to summarize the transactions in which the fund engaged. You should prepare budgetary entries, but need not prepare closingentries.


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  • CreatedAugust 13, 2014
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