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Question(s) / Instruction(s):

38.          (Preparing entries to abolish a Capital Projects Fund)
You are the Finance Director of the Town of Blue Mountain. Presented below is the trial balance for a Capital Projects Fund of the Town at October 31, 2009. The Town Engineer has advised you that the project accounted for within this fund, a new system of bicycle trails, is complete and formal acceptance by the Town is pending. The Town Council has directed you to abolish this fund and transfer any remaining net assets to the Town=s Debt Service Fund. Prepare the entries necessary to settle the remaining liabilities of the fund, close the accounts, and transfer the remaining net assets to the Debt Service Fund.

Town of Blue Mountain

Capital Projects Fund

Preclosing Trial Balance

October 31, 2009

 

 

Debits

 

Credits

Cash

 

$ 70,160

 

Vouchers payable

 

 

 

$ 24,450

Contracts payableBretained percentage

 

 

 

42,750

Unreserved fund balance

 

 

 

117,285

RevenuesBinterest

 

 

 

50,175

ExpendituresBcapital outlay

 

197,000

 

Other financing sourcesBtransfers in

 

 

 

32,500

 

 

$ 267,160

 

$ 267,160

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