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[answered] LUA—LULU n 1. Chesterfield County had the following transac


LUA?LULU n 1. Chesterfield County had the following transactions. Prepare the entries first for fund financial statements and then for government-wide financial statements. 1. A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with approved spending of $540,000 and operating transfers out of $242,000. A contract is signed with a construction company to build a new central office building for the government at a cost of $8 million. A budget for this project has previously been recorded. Bonds are sold for $8 million (face value) to finance construction of the new office building. The new building is completed. An invoice for $8 million is received and paid. Previously unrestricted cash of $1 million is set aside to begin paying the bonds issued in (C). A portion of the bonds comes due and $1 million is paid. Of this total, $100,000 represents interest. The interest had not been previously accrued. Citizens? property taX levies are assessed. Total billing for this taX is $800,000. On this date, the assessment is a legally enforceable claim according to the laws of this state. The money to be received is designated for the current period and 90
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I need the answer for the transactions on Chesterfield County.
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