Prepare general journal entries to record the foregoing fact

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Problem

The following transactions and events occurred in Lanesburg Township during 20X7: The 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. Cash with which to finance the project was received from the following sources: Transfer from General Fund $ 100,000 State-Federal grant 500,000 Bank of Lanesburg (long-term note) 900,000 $1,500,000 The state-federal grant is for one-third of the project cost, not to exceed $500,000, and any unearned balance must be returned to the state. Cash was disbursed for building costs from the Capital Projects Fund as follows: Construction contract $ 1,400,000 Architect fees 50,000 Engineering charges 20,000 $ 1,470,000 The unearned portion of the grant was refunded to the state, the remaining cash was transferred to the General Fund and the Capital Projects Fund was terminated. Get the instant assignment help. Prepare general journal entries to record the foregoing facts in the Capital Projects Fund General Ledger; assume that budgetary accounts and subsidiary ledgers are not used.

Reference no: EM133927142

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