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Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 19
Capital projects fund, effect on other funds/groups. The following information pertains to Palmer Township's construction and financing of a new administration center: 
Palmer's fiscal year ended on June 30, 2018. The following events occurred that affected the capital projects fund established to account for this project:
Palmer uses encumbrance accounting for budgetary control. Unencumbered appropriations lapse at the end of the year.
1. Prepare journal entries in the administration center capital projects fund to record the foregoing transactions.
2. Prepare the June 30, 2019, closing entries for the Administration Center Capital Projects fund.
3. Prepare the Administration Center Capital Projects Fund balance sheet at June 30, 2019.
4. Prepare entries needed in other funds and groups.
Palmer's fiscal year ended on June 30, 2018. The following events occurred that affected the capital projects fund established to account for this project:
Palmer uses encumbrance accounting for budgetary control. Unencumbered appropriations lapse at the end of the year.
1. Prepare journal entries in the administration center capital projects fund to record the foregoing transactions.
2. Prepare the June 30, 2019, closing entries for the Administration Center Capital Projects fund.
3. Prepare the Administration Center Capital Projects Fund balance sheet at June 30, 2019.
4. Prepare entries needed in other funds and groups.
Explanation
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• Payment of expenditures reduces the l...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
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