Ch 5 - Slides 26-43 JEs (CPFs)fully solved 2023

Ch 5 - Slides 26-43 JEs (CPFs)Assume approval is obtained for a federal grant of $100,000 as partial funding for a city's office building project. Upon approval the following journal entries would be made: CAPITAL PROJECTS FUND: (Dr.) Due from Federal Government $100,000 (Cr.) Revenues $100,000 GOVERNMENTAL ACTIVITIES: (Dr.) Due from Federal Government $100,000 (Cr.) Revenues $100,000 Assume for the office building project, $50,000 was borrowed from the General Fund, to be repaid later from bond proceeds: CAPITAL PROJECTS FUND: (Dr.) Cash $50,000 (Cr.) Interfund Loan Payable - Current $50,000 GOVERNMENTAL ACTIVITIES: No entry needed (intra-activity transaction) A contract was signed with an architectural firm in the amount of $50,000 for the completion of the architectural design for the new building. CAPITAL PROJECTS FUND: