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2)(40 points) As of July 1,201o, the City of Saratoga Springs decided to purchase a privately operated swimming pool and to create a Swimming Pool

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2)(40 points) As of July 1,201o, the City of Saratoga Springs decided to purchase a privately operated swimming pool and to create a Swimming Pool (Enterprise Fund During the year, the following transactions occurred (a) A permanent contribution of S 1,200,000 was received from the General Fund (b) S 1,000,000 was borrowed with a Note Payable from a local bank at an interest rate of 6% The note was dated July 1, 2016 and interest is paid on 6/ each year (c) Purchased for cash several items, the cost breakdown was land, $300,000 building, $600,000, land improvement, $400,000, equipment, $300,000, supplies, S190,000 (d) Charges for services amounted to $720,000, all received in cash (e) Cash expenses included salaries,$275,000, utilities, $140,000, interest (paid on 6/30/2017), $60,000 (t0) Supplies were consumed in the amount of $120,000 (g) Depreciation was recorded for building, $30,000, land improvement S40,000, equipment, $30,000 (h) The books were closed Close all accounts to Net Position Required Record the above transactions in general journal form (on the books of the swimming pool fund)

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