Village council of the Village of Elizabeth planning to construct a new office building. Please make journal entries for the following events for the building capital project fund.
1) Received $50,000 short term loan from the general fund
2) The bond with a face value of $950,000 was sold at part to finance the project.
3) A contract was signed with Capital Construction Company in the amount of $900,000.
4) The $50,000 due to the General Fund was repaid.
5) Capital Construction Company completed the city office building project and tendered its final bill in the amount of $900,000.
6) The amount due to Capital Construction Company was paid, except for a 5% retained percentage, which in conformity with the provisions of the contract was withheld pending final inspection.
7) Upon final inspection, the City incurred $30,000 of additional costs for interior rework. This work was done by employees of the City’s General Fund. The remaining retained percentage was paid to the contractor.
8) The remaining cash of the capital project fund is transferred to debt service fund.
9) The project being complete, the City closed all temporary accounts