Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows:

		Debit				Credit
Cash		$	93,700
Accounts Receivable			25,300
Inventory of Supplies			8,500
Land			120,200
Plant and Equipment			492,000
Accumulated Depreciation						$	81,900
Vouchers Payable							16,900
Bonds Payable, 6%							515,000
Net Position:
Invested in Capital Assets, Net of Related Debt							15,300
Unrestricted							110,600
Total		$	739,700			$	739,700

Additional Information for 20X1:

1. Charges to customers for water and gas were $421,600; collections were $432,200.
2. A loan of $30,900 for two years was received from the general fund.
3. The water and gas lines were extended to a new development at a cost of $76,400. The contractor was paid.
4. Supplies were acquired from central stores (internal service fund) for $12,900. Operating expenses were $328,700, and interest expense was $30,900. Payment was made for the interest and the payable to central stores, and $326,000 of the vouchers were paid.
5. Adjusting entries were as follows: estimated uncollectible accounts receivable, $8,300; depreciation expense, $32,900; and supplies expense, $17,000.

Required: a. Prepare entries for the MUD enterprise fund for 20X1 and closing entries.

Journal entry worksheet Record the charges to customers. Note: Enter debits before credits. Event General Journal Debit Credit 1a Record entry Clear entry View general journal Journal entry worksheet Record the collections on account. Note: Enter debits before credits. General Journal Debit Credit Event 1b Record entry Clear entry View general journal Journal entry worksheet A B D E F G H ..... M > Record the receipt of loan from the General Fund. Note: Enter debits before credits. General Journal Debit Credit Event 02 Record entry Clear entry View general journal Journal entry worksheet Record the extension of the water and gas lines. Note: Enter debits before credits. Event General Journal Debit Credit 3a Record entry Clear entry View general journal Journal entry worksheet Record the expenses. Note: Enter debits before credits. Event General Journal Debit Credit 4a Record entry Clear entry View general journal Journal entry worksheet Record the entry to reduce the revenue for the uncollectible accounts. Note: Enter debits before credits. General Journal Debit Credit Event 5 Record entry Clear entry View general journal Journal entry worksheet Record the entry for supplies expense to adjust supplies on hand. Note: Enter debits before credits. General Journal Debit Credit Event 5c Record entry Clear entry View general journal Journal entry worksheet A ..... F G H I J .... M > Record the entry to close the nominal accounts. Note: Enter debits before credits. General Journal Debit Credit Event 5d Record entry Clear entry View general journal Journal entry worksheet Record the increase in the net assets invested. Note: Enter debits before credits. Event General Journal Debit Credit 5f Record entry Clear entry View general journal b. Prepare a statement of net position for the fund for December 31, 20X1. (Select the assets account based on the order listed in the question table. Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Net Position December 31, 20X1 Assets 0 0 0 $ Total Assets Liabilities Total Liabilities $ 0 Net Position: Total Net Position $ 0 c. Prepare a statement of revenues, expenses, and changes in fund net position for 20X1. Assume that the $515,000 of the 6 percent bonds is related to the net capital assets of land and of plant and equipment. AUGUSTA MUD Enterprise Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For Fiscal Year Ended December 31, 20X1 Revenue: Expenses: $ Non operating Expense: $ Net Position, January 1 Net Position, December 31 $ 0 d. Prepare a statement of cash flows for 20X1. (Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Cash Flows For the Year Ended December 31, 20X1 Cash Flows from Operating Activities: $ 0 Cash Flows from Noncapital Financing Activities 0 Cash Flows from Capital and Related Financing Activities: 0 Cash Flows from Investing Activities: 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Change in Assets and Liabilities: Change in Assets and Liabilities: Total Adjustments 0 $ 0 Journal entry worksheet Record the charges to customers. Note: Enter debits before credits. Event General Journal Debit Credit 1a Record entry Clear entry View general journal Journal entry worksheet Record the collections on account. Note: Enter debits before credits. General Journal Debit Credit Event 1b Record entry Clear entry View general journal Journal entry worksheet A B D E F G H ..... M > Record the receipt of loan from the General Fund. Note: Enter debits before credits. General Journal Debit Credit Event 02 Record entry Clear entry View general journal Journal entry worksheet Record the extension of the water and gas lines. Note: Enter debits before credits. Event General Journal Debit Credit 3a Record entry Clear entry View general journal Journal entry worksheet Record the expenses. Note: Enter debits before credits. Event General Journal Debit Credit 4a Record entry Clear entry View general journal Journal entry worksheet Record the entry to reduce the revenue for the uncollectible accounts. Note: Enter debits before credits. General Journal Debit Credit Event 5 Record entry Clear entry View general journal Journal entry worksheet Record the entry for supplies expense to adjust supplies on hand. Note: Enter debits before credits. General Journal Debit Credit Event 5c Record entry Clear entry View general journal Journal entry worksheet A ..... F G H I J .... M > Record the entry to close the nominal accounts. Note: Enter debits before credits. General Journal Debit Credit Event 5d Record entry Clear entry View general journal Journal entry worksheet Record the increase in the net assets invested. Note: Enter debits before credits. Event General Journal Debit Credit 5f Record entry Clear entry View general journal b. Prepare a statement of net position for the fund for December 31, 20X1. (Select the assets account based on the order listed in the question table. Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Net Position December 31, 20X1 Assets 0 0 0 $ Total Assets Liabilities Total Liabilities $ 0 Net Position: Total Net Position $ 0 c. Prepare a statement of revenues, expenses, and changes in fund net position for 20X1. Assume that the $515,000 of the 6 percent bonds is related to the net capital assets of land and of plant and equipment. AUGUSTA MUD Enterprise Fund Statement of Revenue, Expenses, and Changes in Fund Net Position For Fiscal Year Ended December 31, 20X1 Revenue: Expenses: $ Non operating Expense: $ Net Position, January 1 Net Position, December 31 $ 0 d. Prepare a statement of cash flows for 20X1. (Amounts to be deducted should be indicated by minus sign.) AUGUSTA MUD Enterprise Fund Statement of Cash Flows For the Year Ended December 31, 20X1 Cash Flows from Operating Activities: $ 0 Cash Flows from Noncapital Financing Activities 0 Cash Flows from Capital and Related Financing Activities: 0 Cash Flows from Investing Activities: 0 $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Change in Assets and Liabilities: Change in Assets and Liabilities: Total Adjustments 0 $ 0