ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS QUIZ 2 Score Nam Secti P
ID: 2547985 • Letter: A
Question
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS QUIZ 2 Score Nam Secti Problem (10 points). The Town of Canary had the attached entries related to a capital project that it will undertake during 20X7. For the problem, assume that the Town does not record the budget for capital projects in the accounting records, does not use a subsidiary ledger, and does not use encumbrance accounting REQUIRED: Prepare general journal entries, in proper form, to record the attached information in the Town of Canary Capital Projects Fund. Use the letter of the transaction as the transaction date. Omit explanations.Explanation / Answer
Transactions
Particulars
Debit
Credit
Cash Received from Sources
Cash a/c
1500000
To Due to General Fund a/c
100000
To state & Federal Grants
500000
To Long term Note from Bank of Canary
900000
Paid to Building cost
Construction contracts
1400000
Architect fees
50000
Engineering charges
20000
To cash
1470000
Remaining cash is Transferred to General fund
Due to General fund
30000
To Cash
30000
Transactions
Particulars
Debit
Credit
Cash Received from Sources
Cash a/c
1500000
To Due to General Fund a/c
100000
To state & Federal Grants
500000
To Long term Note from Bank of Canary
900000
Paid to Building cost
Construction contracts
1400000
Architect fees
50000
Engineering charges
20000
To cash
1470000
Remaining cash is Transferred to General fund
Due to General fund
30000
To Cash
30000
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