Please do T accounts for CAPITAL PROJECTS FUND GENERAL LEDGER, DEBT SERVICE FUND GENERAL LEDGER, PERMANENT FUND - ELWOOD FAMILY BOOK FUND GENERAL LEDGER please also prepare statement of revenues expendituresand chnages in fund balance for the governmental funds question D and prepare balance sheet for the governmental funds assuming question E

PARE 14 5-12. Jefferson County established a capital project fund in 2023 to build lowincome housing with the transfer of $100,000 from the General Fund. A portion of that was expended on engineering studies in 2023. The following transactions occurred during 2024: Capital Project Fund Trial Balance December 31, 2023 Debits Credits Cash $72.000 Fund Balance $72,000 1. April 1. 2024, 3.5 percent bonds with a face value of $800,000 were issued in the amount of $803,000. The bond premium was transferred to the debt service fund. 2. The County received notice that it had met eligibility requirements for a federal government grant intended to support the capital project in the amount of $250.000. The grant (cash) will be received when the project is completed in February 2025. 3. The County issued a contract for the construction in the amount of $1,015,000. 4. The contractor periodically bills the County for construction completed to date. During the year, bills totaling $680,000 were received. By year end, a total of $605,000 had been paid. Jefferson County established a debt service fund to make interest and principal payments on the bonds issued in item 1 above. Bond payments are made on October 1 and April 1 of each year. Interest is based on an annual rate of 4 percent. A principal payment of $27.000 is due in 2024. The following transactions occurred during 2024: 5. The bond premium was received by the debt service fund through transfer from the capital project fund. 6. September 30. $41,000 was transferred from the General Fund for the October 1 bond payment. 7. The first debt service payment was made on October 1, 2024. The Elwood Family Reading Enrichment Fund was established in December 2023, funded by a bequest with the legal restriction that only earnings, and not principal, can be used to purchase books for the Library in Jefferson County. The principal amount that must be maintained is $500,000. The following transactions occurred during 2024: Permanent Fund Trial Balance: December 31. 2023 Debits Credits Receivable from Grantor $500,000 Nonspendable Fund Balance-Library Purchases $500,000 8. The Elwood family pledge of $500.000 was received in donated corporate bond with a fair value of $400,000 and the balance in cash. 9. $90.000 was invested in U.S. government securities. 10. Interest in the amount of $16,500 was received in cash during the year. 11. During the year, books totaling $13.000 were ordered for the library. 12. During the year, the library reported receiving books with an invoice amount totaling $11,500, $10,700 of the amounts due for book purchases had been paid by year-and 13. An additional $850 of interest had accrued on the investments at December 31 and will be received in January of next year. 14. The corporate bonds had a market value of $400.950 as of December 31. Required Using the Excel template provided (a separate tab is provided for each of the requirements): a. Prepare journal entries recording events 1 to 14 for the capital projects, debt service, and permanent funds b. Post the journal entries to T-accounts. 4 Prepare closing entries. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). Prepare a Balance Sheet for the Governmental Funds, assuming that unexpended spendable resources in the capital projects and permanent funds are classified as restricted, and unexpended spendable resources in the debt service fund are classified as craigned.raste B IU A Clipboard Font IN Alignment N H2 X V fx v B G Capital Debt Total General Projects Service Permanentovernmen Fund Fund Fund Fund tal Funds Revenues areas shaded in blue are not a Property Taxes $ 262 075 $ $ 262,075 a requirement of this exercise but Intergovernmental revenues are assumed to provide a complete 5 Investment income financial statement Interest income Net increase in fair value of investments Total Revenues 262,075 262,075 Expenditures Current 12 General Government Operations 181.560 181,560 Library Capital Outlay 39,900 39,900 Debt Service 16 Principal Interest Total Expenditures 221,460 221.460 Excess (Deficiency) of Revenues Over Expe 40,615 40,615 Other financing sources [uses) Proceeds of bonds Premium on bonds Transfers in 26 Transfers out (43,000) 43,000) 27 total other financing sources (uses) (43,000) 43,000] 9 Net Change in Fund Balance (2.385) [2,385] + 0 Fund Balance, January 1 156,758 56.758 31 Fund Balance, December 31 $ 154,373 $ 154,373 32