Bingham Chapter 5 Help (Part 2)

Hello, I need help with the chapter 5 Bingham questions. I will post the instructions for the problem. I need assistance with 5-a-6 through 5-a-11.

Thanks,

[Para. 5-a-6] Preliminary plans were received (related to the contract signed in paragraph 5-a-4) for which architectural fees of $95,000 were vouchered.

Required: Eliminate the encumbrance and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

[Para. 5-a-7] Construction bids were opened and analyzed. A contract was signed with the firm that submitted the winning bid of $6,000,000. A provision of the contract permits the city to withhold 5 percent of payment pending final acceptance of the completed project.

Required: Record the signing of the contract in the City Hall Annex Construction Fund general journal. This transaction has no effect at the government-wide level.

[Para. 5-a-8] Vouchers payable were recorded in the amount of $220,000 for the final architectural plans and specifications for the construction project (see para. 5-a-4).

Required: Eliminate the remaining encumbrance for the architectural services and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

[Para. 5-a-9] The 90-day notes matured, paying $37,500 in interest (see para. 5-a-2).

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The interest should be recorded as general revenue in the governmental activities journal.

[Para. 5-a-10] The contractor submitted a billing for $3,000,000. This amount was recorded as a contract payable.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

[Para. 5-a-11] The contractors billing (see para. 5-a-10) was paid, less a 5 percent retained percentage.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.