b. Record the following events and transactions, which occurred during the year ended December 31, 2023. Be sure to enter the paragraph number shown for each transaction in the [Description] box. 1. [Para, 7-b-1] Bond interest due on January 1, 2023 was paid to holders of the 2% revenue bonds. 2. [Para. 7-b-2] Billings to customers for water service for the year totaled $4,800,000. This amount includes $28,000 billed to the City of Bingham Genenl Fund for water service. 3. [Para. 7-b-3] Cash collections from external customers and the city's General Fund were $4,704,000 and $25,000, respectively. (Total cash collections are $4,729,000.) 4. [Para. 7-b-4] Construction work authorized amounted to $600,000. As a part of this, a contract for $550,000 was signed with a private firm; the remainder of the work was to be done by water utility employecs. 5. [Para. 7-b-5] Materials and supplies were ordered and received during the period in the amount of $125,000. The invoices agreed with the purchase orders and receiving reports and were recorded as vouchers payable. A perpetual inventory system is used for all materials and supplies. 6. [Para. 7-b-6] Payrolls were paid totaling $700,000 for operations; $200,000 for maintenance; and $210,000 for construction. NOTE: Assume NO taxes or other deductions are withheld from paychecks. Also assume there is NO employer portion of FICA tax. 7. [Para. 7-b-7] Materials and supplies issued (used) during the period amounted to $63,063 for operations; $18,018 for maintenance; and $18,919 for construction. 8. [Para. 7-b-8] Bond interest due on July 1, 2023 was paid. 9. [Para. 7-b-9] Interest of $5,676 (previously paid and charged to Interest on Long-Term Debt) was determined to be incurred during construction and was charged (moved) to Construction Work in Progress. 10. [Para. 7-b-10] A progress billing for $200,000 was reccived from the construction contractor and paid. 11. [Para. 7-b-11] Some assets under construction at the start of the year and some started during the year were completed and placed in service. The costs incurred on this construction totaled \$472,973. 12. [Para. 7-b-12] Paid Vouchers Payable totaling $120,000. 13. [Para. 7-b-13] Depreciation on utility plant was $840,000. 14. [Para. 7-b-14] The Accumulated Provision for Uncollectible Accounts should equal $7,725 at year-en Record an adjusting entry. 15. [Para. 7-b-15] Accrue six months' interest on bonds payable