Solution-Prepare all journal entries using given information

Prepare all journal entries using given information

Assignment Help Accounting Basics

Reference no: EM132716197

Question: Government Accounting - Capital Project Funds

The City of Norfolk, Nebraska authorized the building of a new airport wing for the year 2017. Bonds were issued to pay for the new wing. The face amount of the bonds was $10,000,000 and the bonds sold at 98. In addition, the federal government provided $2,000,000 and the City's General Fund provided $1,000,000 toward the wing.

One contract to begin construction on the airport wing was signed on January 2, 2017 for $8,000,000. By year end, $7,000,000 had been completed by the contractors and an invoice was received by the City of Norfolk for that amount.

Required: 1. All Journal Entries.

2. All Closing Entries

3. Balance Sheet, Statement of Revenue and Expenditures and Change in Fund Balance for the year ended December 31, 2017 for the City of Norfolk's Capital Projects Fund.

Reference no: EM132716197

Questions Cloud

Discuss the value of strategic leadership : Discuss the value of strategic leadership in determining the firm's strategic direction.

Define three forms of models and provide an example of each : Define three forms of models and provide an example of each. What steps of the problem- solving process are involved in decision making?

Does there always need to be a formally expressed strategy : Does there always need to be a formally expressed strategy? Why/Why not? Identify the different levels at which strategy can be created in an organisation.

Explain difference between reincarnation and resurrection : Explain the difference between reincarnation and resurrection using 2 sources not including the Bible. Keep it to 250 words. If you have done a paper

Prepare all journal entries using given information : The City of Norfolk, Nebraska authorized the building of a new airport wing for the year 2017. Bonds were issued to pay for the new wing.

How do authors of new testament letters utilize types : Why is an understanding of rhetoric important for the study the letters of the New Testament? How can we use these principles today in presenting the truth

What are some effective methods one can use : List a few effective methods one can use to accomplish personal work planning. What are some effective methods one can use? The response must be typed.

How did the experience engage the customer : Name the fashion experience/means of engagement used by the retailer/brand. How did this experience engage the customer?

How much of the loss is ordinary loss : Larry L Lewis owns all the stock in LLL Corp. Larry sells all his stock which all qualified under section 1244, for $30,000. The stock's basis is $140,000.

User Account

All Pages

Prepare all journal entries using given information

Reference no: EM132716197

Reference no: EM132716197

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT