Transactions: 1. the $10 Assets Cash from a Terminated Capital Projects

question 11

Essay

Transactions:
1. The $10 assets cash from a terminated Capital Projects Fund CPF were received by the General Fund.
2. General Fund resources of $250 were paid to a newly established Capital Projects Fund. The resources will not be repaid to the General Fund.
3. The government ordered that $140 be paid from its General Fund to the fund that services its long-term debt.
4. The government directed that $200 be moved from the General Fund to the Jail Addition Capital Projects Fund to provide additional funding for the project. The actual payment will occur at the beginning of the next fiscal year.
Requirement: Prepare the general journal entries using standard fund-type terminology, identifying the fund or nonfund accounts for which the entry is being prepared. Appropriate abbreviations are acceptable e.g., GF, SRF, CPF, DSF, GCA, GLTL, OFS, or OFU. If no entry is required, write "No Entry Required" and briefly explain why. Do not include formal entry explanations or dates, but include any important assumptions made and all calculations.

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Definitions:

Earnest Money

A deposit made by a buyer to demonstrate commitment to a purchase agreement, often used in real estate transactions.

Serious Offer

An offer made in earnest, usually in a contractual context, implying a genuine intent to enter into an agreement.

Contractual

Pertaining to or involving agreements between two or more parties that are binding and enforceable by law.

Tenancy By The Entirety

A form of joint property ownership that is available only to married couples, where each owns an undivided interest in the property, and upon death, the surviving spouse gains full ownership.