Please solve the problem below into the format given below, and please explain in detail.

Jefferson County Capital Project Fund Journal Entries December 31, 2024 Account Title Debits Credits 1 Jefferson County Debt Service Fund Joumal Entries December 31, 2024 Account Title Debits Credits Jefferson County Permanent Fund (Elwood Family Reading Enrichment) Joumal Entries December 31, 2024 Account Title Debits Credits bb CAPITAL PROJECTS FUND GENERAL LEDGER DUE FROM OTHER CASH GOVERNMENTS 72,000 72,000 INTERGOVERNMENTAL CAPITAL REVENUES EXPENDITURES OTHER FINANCING SOURCES PREMIUM ON BONDS Total debit balances 72,000 Total credit balances 72,000 DEBT SERVICE FUND GENERAL LEDGER CASH FUND BALANCE OTHER FINANCING SOURCES TRANSFERS IN EXPENDITURES BOND PRINCIPAL CONTRACTS PAYABLE OTHER FINANCING USES TRANSFERS OUT FUND BALANCE 72,000 bb 72,000 OTHER FINANCING SOURCES PROCEEDS OF BONDS BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES ENCUMBRANCES EXPENDITURES BOND INTEREST PERMANENT FUND - ELWOOD FAMILY BOOK FUND GENERAL LEDGER INTEREST RECEIVABLE RECEIVABLE FROM GRANTOR bb 500,000 500,000 ACCOUNTS PAYABLE REVENUES - INVESTMENT INCOME INTEREST REVENUES - INVESTMENT INCOME NET INCREASE IN FAIR VALUE OF INVESTMENTS INVESTMENTS IN CORPORATE BONDS FUND BALANCE 500,000 bb EXPENDITURES LIBRARY 500,000 Total debit balances Total credit balances Total debit balances Total credit balances INVESTMENTS IN US GOV'T SECURITIES 500,000 500,000 Jefferson County Capital project Fund Closing Entries December 31, 2024 Account Title Debits Credits CAPITAL PROJECTS FUND FUND BALANCE 72,000 bb closing entry 72,000 Non-spendable Restricted Committed Assigned Unassigned Total Fund Balance Jefferson County Debt service fund closing entries December 31, 2024 Account Title Debits Credits FUND BALANCE T SERVICE - bb closing entry Non-spendable Restricted Committed Assigned Unassigned Total Fund Balance Jefferson County Permanent Fund Closing Entries December 31, 2024 Account Title Debits Credits PERMANENT FUND FUND BALANCE 500,000 bb closing entry 500,000 Non-spendable Restricted Committed Assigned Unassigned Total Fund BalanceCapital Total General Projects Debt Service Permanent Governmental Fund Fund Fund Fund 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 Investment income: financial statement Interest income - Net increase in fair value of investments - Total Revenues 262,075 - - - 262,075 Expenditures Current: General Government Operations 181,560 181,560 Library - Capital Qutlay 39,900 39,900 Debt Service - Principal - Interest - Total Expenditures 221,460 - - - 221,460 Excess (Deficiency) of Revenues Over Expenditures 40,615 - - - 40,615 Other financing sources (uses) Proceeds of bonds - Premium on bonds - Transfers in - Transfers out (43,000) (43,000) total other financing sources (uses) (43,000) - - - (43,000) Net Change in Fund Balance (2,385) - - - (2,385) Fund Balance, January 1 156,758 156,758 Fund Balance, December 31 $ 154373 - $ - $ - 154,373 Assets Cash Investment in corporate bonds Investment in US securities Taxes Receivable - net Due from other governments Accrued interest receivable Supplies Inventory Total Assets Liabilities, Deferred Inflows and Fund Balances Liabilities Accounts Payable 'Wages Payable Contracts payable Total Liabilities Deferred Inflows of Resources Property Taxes Fund Balances Nonspendable Inventories Permanent Fund principal Restricted: for low income housing projects Library purchases Assigned General Government operations Debt Service Unassigned Total Fund Balances Total Liabilities and Fund Balances Capital Total General Projects Debt Service Permanent = Governmental Fund Fund Fund Fund Funds 128,148 $ 128,148 51,325 | .l 51,325 350 350 $ 179,823 - 8 - 8 - 8 179,823 2,000 2,000 850 850 2,850 - - - 2,850 22,600 22,600 350 350 800 800 153,223 153,223 _ e 154,373 - - - 154,373 $ 179,823 - 8 - 8 - 179,823 areas shaded in blue are not a a requirement of this exercise but are assumed to provide a complete financial statement Excel-Based Problems 5-12. Page 143 Page 144 Jefferson County established a capital project fund in 2023 to build low-income 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 BalanceLibrary Purchases $500,000 8. The Elwood family pledge of $500,000 was received in donated corporate bonds 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-end. 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 | to 14 for the capital projects, debt service, and permanent funds. b. Post the journal entries to T-accounts. . Prepare closing entries. d. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Governmental Funds (the General Fund financial statements have already been prepared). e. 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 assigned