You Are the Finance Director of the Town of Blue

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, 2019. 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 nominal accounts, transfer the remaining net assets to the Debt Service Fund, and close the transfer account.
$$\begin{array} { l r r } & { \begin{array} { c } \text { Town of Blue Mountain } \\\text { Capital Projects Fund } \\\text { Preclosing Trial Balance } \\\text { October 31, 2019 }\end{array} } & \\& { \text { Debits } } & \text { Credits } \\\text { Cash } & \$ 70,160 \\\text { Vouchers payable } && \$ 24,450\\\text { Retainage payable } & & 42,750 \\\text { Restricted fund balance } & & 117,285 \\\text { Revenues-interest } && 50,175 \\\text { Expenditures-capital outlay } & 197,000 \\\text { Transfer in from General Fund }&\underline{\quad\quad}&\underline { \mathbf { 3 2 , 5 0 0 } }\\&\$\underline { \mathbf { 2 6 7 , 1 6 0 } }&\$\underline { \mathbf { 2 6 7 , 1 6 0 } }\end{array}$$