Augusta has a municipal water and gas utility district (MUD) The trial balance on January 1, 20X1, follows Debit Credit Cash $ 92,200 Accounts Receivable 25,500 Inventory of Supplies 9,000 Land 122,000 Plant and Equipment 494,000 Accumulated Depreciation $ 81,300 Vouchers Payable 15,300 Bonds Payable, 6 515,000 Net Position Invested in Capital Assets, Net of Related Debt 19,700 Unrestricted 111,400 Total $ 742,700 $ 742,700 Additional Information for 20X1 Charges to customers for water and gas were $421,000 collections were $432,900 A loan of $30,900 for two years was received from the general fund The water and gas lines were extended to a new development at a cost of $75,800 The contractor was paid Supplies were acquired from central stores (internal service fund) for $14,000 Operating expenses were $329,000, and interest expense was $30,900 Payment was made for the interest and the payable to central stores, and $326,700 of the vouchers were paid Adjusting entries were as follows estimated uncollectible accounts receivable, $6,900 depreciation expense, $32,200 and supplies expense, $17,200 Required a Prepare entries for the MUD enterprise fund for 20X1 and closing entries (If no entry is required for a transaction event, select No journal entry required in the first account field ) A Record the charges to customers B Record the collections on account Record the receipt of loan from the General Fund D Record the extension of the water and gas lines E Record the payment for the extended lines F Record the expenses G Record the payment of the approved vouchers, interest, and payment to the Central Stores Fund H Record the entry to reduce the revenue for the uncollectible accounts I Record the entry to adjust the depreciation for the period j Record the entry for supplies expense to adjust supplies on hand K Record the entry to close the nominal accounts L Record the entry to close the profit and loss summary M Record the increase in the net assets invested

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Posted on Jul 16, 2024

Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit Credit Cash $ 92,200 Accounts Receivable

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

	Debit		Credit
Cash	$	92,200
Accounts Receivable		25,500
Inventory of Supplies		9,000
Land		122,000
Plant and Equipment		494,000
Accumulated Depreciation			$	81,300
Vouchers Payable				15,300
Bonds Payable, 6%				515,000
Net Position:
Invested in Capital Assets, Net of Related Debt				19,700
Unrestricted				111,400
Total	$	742,700	$	742,700

Additional Information for 20X1:

Charges to customers for water and gas were $421,000; collections were $432,900.
A loan of $30,900 for two years was received from the general fund.
The water and gas lines were extended to a new development at a cost of $75,800. The contractor was paid.
Supplies were acquired from central stores (internal service fund) for $14,000. Operating expenses were $329,000, and interest expense was $30,900. Payment was made for the interest and the payable to central stores, and $326,700 of the vouchers were paid.
Adjusting entries were as follows: estimated uncollectible accounts receivable, $6,900; depreciation expense, $32,200; and supplies expense, $17,200.

Required: a. Prepare entries for the MUD enterprise fund for 20X1 and closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A Record the charges to customers. B Record the collections on account. Record the receipt of loan from the General Fund. D Record the extension of the water and gas lines. E Record the payment for the extended lines. F Record the expenses. . G Record the payment of the approved vouchers, interest, and payment to the Central Stores Fund. H Record the entry to reduce the revenue for the uncollectible accounts. I Record the entry to adjust the depreciation for the period. j Record the entry for supplies expense to adjust supplies on hand. K Record the entry to close the nominal accounts. L Record the entry to close the profit and loss summary. M Record the increase in the net assets invested