The State of Florida authorized the building of a new Fire Station in Dade County to begin on January 1, 2017. The State authorized 10 million dollars to build the Fire Station.
The following were the transactions recorded in the Capital Project Fund:
1. $1,000,000 was received from the Federal government and was considered “Revenue.”
2. The State of Florida’s General Fund transferred $3,000,000 to the Capital Project Fund.
3. Bonds were issued (at face) by the State of Florida for $6,000,000 and the monies were received and recorded in the Capital Project Fund.
4. The contract for the Fire Station was awarded to a construction company for $10,000,000.
5. The construction of the Fire Station was certified complete on August 1, 2017, was expenditured and the construction company was paid.
The books were closed and the financial statements were prepared for the fiscal year ended September 30, 2017.
[Assume that this Capital Project Fund had zeros in all accounts on October 1, 2016, the beginning of the fiscal year.]
Prepare the journal entries for the above 5 transactions (only for the Capital Project Fund.)
A. Prepare a Statement of Revenues, Expenditures for the Capital Project Fund, in good form.
B. Prepare a Statement of Changes in Fund Balance for the Capital Project Fund, in good form.
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