The following information is provided for the Capital Projects Fund for the San Jacinto County Courthouse: 1
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Question:
The following information is provided for the Capital Projects Fund for the San Jacinto County Courthouse:
In June a $ bond referendum is voted for and approved by the citizens of San Jacinto County for the construction of a new courthouse.
On July a Capital Projects Fund is established for this project with a transfer of $ from the General Fund.
The county commissioners approve another $ transfer of General Fund monies previously committed for this project. The transfer order calls for $ to be sent to the Courthouse Capital Projects Fund to begin construction of the courthouse and $ to the Courthouse Debt Service Fund to help satisfy the bond indenture requirements. The finance director completes these transfers on August
The county signs a contract for $ on August for construction of the new courthouse.
On January the county issues the $ face value courthouse bonds at minus issue costs of $ Also on this date, the county receives a $ bill from the contractor for the work completed to date.
According to the bond covenants, the county transfers the bond premium net of bond issuance costs to the Courthouse Debt Service Fund on January
On January the county pays the contractor's bill from January nd less a retainage.
On June the county receives $ from the bank for interest on idle cash and a $ bill from the contractor for work completed between January st and fiscal year end.
Required:
APrepare the journal entries for the Courthouse Capital Projects Fund for and
B Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the Courthouse Capital Projects Fund for the year ended June
For B: Statement of Revenues, Expenditures, and Changes in Fund Balance
Courthouse Capital Projects Fund
For the year ended June
Revenues:
Interest
Expenditures:
Capital outlays
Debt serviceBond Issue Costs
Total Expenditures
Excess Deficiency of Revenues Over under Expenditures
Other financing sources and Uses:
Transfers from General Fund
Bonds
Bond Premium
Transfer to Courthouse Debt Service Fund
Total Other Financing Sources Uses
Net Change in Fund Balance
Fund balance July
Fund balance June
Related Book For
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
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