Construction of the courthouse annex

Reference no: EM13145917

The citizen of Spencer County approved the issuance of $ 2,000,000 in 6% general obligation bonds to finance the construction of a courthouse annex. A capital project fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:

Trial Balance-December 31, 2012

Debits Credits

Cash $1,265,000
Contract payable $550,000
Due from State Government 200,000
Encumbrances 750,000
Expenditures-Capital 1,485,000
OFS: premium on bonds 400,000
OFS: proceeds sale of bonds 35,000
Budgetary fund balance- 2,000,000
Reserve for encumbrances 35,000 750,000
Transfer out $3,735,000.00 $3,735,000

REQUIRED:

a. Prepare any closing entries necessary at year-end.

b. Prepare a Statement of Revenues, Expenditure, and Changes in Fund Balance for the courthouse annex capital project fund.

c. Prepare a balance sheet for the Courthouse Annex Capital Project Fund, assuming all unexpended resources are restricted to construction of the courthouse annex.

Reference no: EM13145917

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