Assets Current assets: Cash and investments Accounts receivable (net of $13,375 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable Total current assets Restricted assets: Cash Capital assets: Land Buildings (net of $3,422,611 in accumulated depreciation) Machinery and equipment (net of $5,133,848 in accumulated depreciation) Total capital assets (net) Total Assets Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt Total current liabilities CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2022 Liabilities payable from restricted assets: Customer deposits Long-term liabilities: Revenue bond payable Total Liabilities Net Position Net investment in capital assets. Unrestricted $1,782,303 5,218,390 8,494,884 532,436 131,869 407,000 $ 1,776,212 307,053 500, 100 29,317 82,017 2,694,699 9,200 15,495,577 18,199,476 1,071,305 9,200 11,803,000 12,883,505 3,277,266 2,038,705 $5,315,971 Following is the information of the Water Utility Fund for fiscal year 2023. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2023 totaled $2,875,898; $186,934 of the total was billed to the General Fund. 3. Cash in the amount of $250,704 was received. The cash was for interest earned on investments and $79,069 in accrued interest. 4. Expenses accrued for the period were management and administration, $347,523; maintenance and distribution, $664,466; and treatment plant, $670,383. 5. Cash receipts for customer deposits totaled $2,343. 6. Cash collections on customer accounts totaled $2,841,530, of which $202,279 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,411,972; interest (which includes the interest payable), $382,211; bond principal, $407,000; machinery and equipment, $593,638; and return of customer deposits, $926.

Following is the information of the Water Utility Fund for fiscal year 2023. 1. The amount in the Accrued Utlity Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2023 totaled $2,875,898;$186,934 of the total was billed to the General Fund. 3. Cash in the amount of $250,704 was recelved. The cash was for interest earned on investments and $79,069 in accrued interest. 4. Expenses accrued for the period were management and administration, $347,523; maintenance and distribution, $664,466; and treatment plant, $670,383. 5. Cash receipts for customer deposits totaled $2,343. 6. Cash collections on customer accounts totaled $2,841,530, of which $202,279 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,411,972; interest (which includes the interest payable), $382,211; bond principal, $407,000; machinery and equipment, $593,638; and return of customer deposits, $926. 8. A state grant amounting to $482,294 was recelved to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,167. 10. The utility fund transferred $812,306 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,749 and on machinery and equipment was $365,623; the allowance for uncollectible accounts was increased by $15,144; an accrual for unbilled customer recelvables was made for $710,843; accrued interest income was $16,094; and accrued interest expense was $62,358. Journal entry worksheet Record the $812,306 transfer of excess operating income to the General Fund. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the adjusting entries for depreciation on buildings at $243,749 and machinery and equipment at $365,623; allowance for uncollectible accounts was increased by $15,144; an accrual for unbilled customer receivables was made for $710,843; accrued interest income was $16,094; and accrued Note: Enter debits before credits. Journal entry worksheet Record the $2,875,898 billings to customers for water usage during fiscal year 2023 , of which $186,934 was billed to the General Fund. Note: Enter debits before credits. Journal entry worksheet Record the $2,343 cash receipts for customer deposits. Note: Enter debits before credits. Journal entry worksheet Record the $250,704 cash received, of which interest accrued is $79,069. Note: Enter debits before credits. Following is the information of the Water Utility Fund for fiscal year 2023. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2023 totaled $2,875,898;$186,934 of the total was billed to the General Fund. 3. Cash in the amount of $250,704 was received. The cash was for interest earneti on investments and $79,069 in accrued interest. 4. Expenses accrued for the period were management and administration, $347,523; maintenance and distribution, $664,466; and treatment plant, \$670,383. 5. Cash receipts for customer deposits totaled $2,343. 6. Cash collections on customer accounts totaled $2,841,530, of which $202,279 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,411,972; interest (which includes the interest payable), $382,211; bond principal, $407,000; machinery and equipment, $593,638; and return of customer deposits, $926. Required information [The following information applies to the questions displayed below.] Journal entry worksheet Record the $482,294 state grant received to help pay for new water treatment equipment. Note: Enter debits before credits. Journal entry worksheet Record the $2,841,530 cash collections, of which $202,279 was from the General Fund. Note: Enter debits before credits. Journal entry worksheet E H L Record the $1,411,972 cash payments for Accounts Payable; $382,211 for interest (which includes interest payable); $407,000 for bond principal; $593,638 for machinery and equipment; and $926 as return of customer deposits. Note: Enter debits before credits. Following is the information of the Water Utility Fund for fiscal year 2023. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2023 totaled $2,875,898;$186,934 of the total was billed to the General Fund. 3. Cash in the amount of $250,704 was received. The cash was for interest earned on investments and $79,069 in accrued interest. 4. Expenses accrued for the period were management and administration, $347,523; maintenance and distribution, $664,466; and treatment plant, \$670,383. 5. Cash receipts for customer deposits totaled $2,343. 6. Cash collections on customer accounts totaled $2,841,530, of which $202,279 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,411,972; interest (which includes the interest payable), $382,211; bond principal, $407,000; machinery and equipment, $593,638; and return of customer deposits. $926. 8. A state grant amounting to $482,294 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,167. 10. The utility fund transferred $812,306 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,749 and on machinery and equipment was $365,623; the allowance for uncollectible accounts was increased by $15,144; an accrual for unbilled customer receivables was made for $710,843; accrued interest income was $16,094; and accrued interest expense was $62,358. 12. The Revenue Bond Payable account was adjusted by $407,000 to record the current portion of the bond. 13. Closing entries and necessary adjustments were made to the net position accounts. Journal entry worksheet Record the expenses incurred to the extent of $347,523 for management and administration, $664,466 for maintenance and distribution, and $670,383 for treatment plant. Note: Enter debits before credits