Chap018-baker 35

Chap018-baker 35 - Expenditures 246,000 Contracts Payable...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-35 P18-16 Recording Entries in Various Funds [AICPA Adapted] 1. Entries made in the capital projects fund for 20X8: Cash 800,000 Other Financing Sources – Bond Issue 800,000 Issued $800,000 of bonds at their face value. ENCUMBRANCES 750,000 BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 750,000 Contractor’s bid is accepted. BUDGETARY FUND BALANCE – RESERVED FOR ENCUMBRANCES 250,000 ENCUMBRANCES 250,000 One-third of the project was completed during 20X8.
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Unformatted text preview: Expenditures 246,000 Contracts Payable 246,000 Actual construction cost incurred in 20X8. 2. Entries made in the special revenue fund for 20X8: ESTIMATED REVENUES CONTROL 112,000 APPROPRIATIONS CONTROL 108,000 BUDGETARY FUND BALANCE – UNRESERVED 4,000 Record the budget for 20X8. Cash 109,000 Revenues 109,000 Collected hotel room taxes. Expenditures 103,000 Vouchers Payable 103,000 Incurred expenditures for general promotion and motor vehicle. Vouchers Payable 103,000 Cash 103,000 Paid expenditures....
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