Chapter 5 Case Study Required: Book journal entries for the following transactions in both the Capital Projects Fund led

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Chapter 5 Case Study Required Book Journal Entries For The Following Transactions In Both The Capital Projects Fund Led 1 (43.37 KiB) Viewed 26 times

Chapter 5 Case Study Required Book Journal Entries For The Following Transactions In Both The Capital Projects Fund Led 2 (37.21 KiB) Viewed 26 times

Chapter 5 Case Study Required Book Journal Entries For The Following Transactions In Both The Capital Projects Fund Led 3 (37.21 KiB) Viewed 26 times

Chapter 5 Case Study Required: Book journal entries for the following transactions in both the Capital Projects Fund ledger and Government-Wide Governmental Activities ledger Background: The Town of Brighton voters approved a measure to add an extension to the local fire station expected to cost $2,520,000. To pay for this project, the town council authorized an issue of $2,320,000 of 5% bonds as partial financing of the fire station extension, and the $200,000 additional financing will be contributed by the state government. 1. Purchase orders were signed and issued for supplies, materials, minor equipment, and labor required for the project to be performed by the town's employees amounting to $500,000. Fire Station Capital Projects Fund: Governmental Activities: 2. A contract, in the amount of S1,925,000 was signed for certain work to be done by a private contractor. Fire Station Capital Projects Fund: Governmental Activities: 3. Special engineering and miscellaneous costs that had not been encumbered were paid in the amount of S75.000. These costs are deemed to be properly capitalized as part of the fire station. Fire Station Capital Projects Fund: Governmental Activities: 4. The Town of Brighton received a progress billing from a contractor for work completed in the amount of $970,000. This contract had been encumbered for at the inception of the contract. Fire Station Capital Projects Fund:
8. Actual invoices for the encumbered supplies/materials (from entry 1 above) amounted to $495,000 and were paid in full. Fire Station Capital Projects Fund: Governmental Activities: 9. The Town of Brighton received the final progress billing from the contractor for work completed in the amount of $955,000. This contract had been encumbered for at the inception of the contract. Fire Station Capital Projects Fund: Governmental Activities: 10. Upon inspection of the contractor's performance, the liability to the contractor was paid for the final progress billing of $955,000. Fire Station Capital Projects Fund: Governmental Activities: 11. The project is now complete. All requirements and obligations related to the project have been fulfilled and the operating statement accounts were closed in the capital projects fund to Fund Balance - Restricted. Fire Station Capital Projects Fund: Governmental Activities:
8. Actual invoices for the encumbered supplies/materials (from entry 1 above) amounted to $495,000 and were paid in full. Fire Station Capital Projects Fund: Governmental Activities: 9. The Town of Brighton received the final progress billing from the contractor for work completed in the amount of $955,000. This contract had been encumbered for at the inception of the contract. Fire Station Capital Projects Fund: Governmental Activities: 10. Upon inspection of the contractor's performance, the liability to the contractor was paid for the final progress billing of $955,000. Fire Station Capital Projects Fund: Governmental Activities: 11. The project is now complete. All requirements and obligations related to the project have been fulfilled and the operating statement accounts were closed in the capital projects fund to Fund Balance - Restricted. Fire Station Capital Projects Fund: Governmental Activities: