4–C. Part 2. SpecialRevenue Fund Transactions Required: a. Record journal entries forthe following t

4–C. Part 2. SpecialRevenue Fund Transactions Required: a. Record journal entries forthe following t

4–C. Part 2. SpecialRevenue Fund Transactions Required: a. Record journal entries forthe following transactions for FY 2017 and post to the generalledger. As there are relatively few revenues and expenditures, theuse of control accounts is not necessary. (Make entries directly toindividual revenue and expenditure accounts). (1) The state government notified theCity that $1,065,000 will be available for street and highwaymaintenance during 2017 (i.e. the City has met eligibilityrequirements). The funds are not consideredreimbursement-type as defined by GASB standards. (2) Cash in the total amount of$997,000 was received from the state government. (3) Contracts, all eligible forpayment from the Street and Highway Fund, were signed in the amountof $1,062,000. (4) Contractual services (seetransaction 3) were received; the related contracts amounted to$1,042,000. Invoices amounting to $1,040,500 for these items wereapproved for payment. The goods and services all were for streetand highway maintenance. (5) Investment revenue of $5,120 wasearned and received. (6) Accounts payable were paid in theamount of $923,000. (7) All required legal steps wereaccomplished to increase appropriations in the amount of$4,500. b. Prepare and post thenecessary closing entries for the Street and Highway Fund. c. Prepare a Statement ofRevenues, Expenditures, and Changes in Fund Balances for the Streetand Highway Fund for the fiscal year ended December 31, 2017. d. Prepare a Balance Sheetfor the Street and Highway Fund as of December 31, 2017. Assume anyunexpended net resources are classified as Restricted FundBalance. . . .

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