3. Explain the account code structure being employed by Muscat City. Does it allow for more detailed expenditure classifications, if desired? 08-00 Parks and Recreation Department Account No. Account Title 01 08-00 6110 Personnel Services 01 08-00 7110 Materials and Supplies 01 08-00 7210 Conferences and Training 01 08-00 7310 Contractual Services 01 08-00 7410 Utilities 01 08-00 7810 Capital Outlay 01 08-00 7910 Other 4. The pre-closing trial balance for the Bahla Village Public Works Capital Project Fund is provided below. Based on the following balances, prepare the June 30, 2019, statement of revenues, expenditures, and changes in fund balance for the capital projects fund. Ledger Account Balances Debits Credits Cash 500,000 Grant Receivable 700,000 Investments 1,000,000 Contract Payable 444,000 Contract Payable-Retained Percentage 78,000 Reserve for Encumbrances 2,200,000 Revenues 3,678,000 Encumbrances 1,200,200 Construction Expenditures 5,480,000 Other Financing Sources--Proceeds of 2,480,200 Bonds Total 8,880,200 8,880,200