Township assembly agreed that a new police and fire

Reference no: EM13571324

Prepare General Ledger entries
1. Township assembly agreed that a new police and fire department building would be constructed at a cost not to exceed $1,500,000, on land owned by the township.

2. cash received to finance project: Transfer from General Fund $100,000, State-federal grant $500,000, bank $900,000.

3. Cash disbursed for building costs from the capital project fund - Construction contract $1,400,000, Architect fees $50,000 and Enginnering charges $20,000.

4. The unearned portion of the grant was refunded to the state, the remaining cash was transferred to the general fund, and the capital project fund was terminated.

Reference no: EM13571324

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