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Exercise #1: These transactions relate to Metro Bus, which provides transportation services to residents of Putnam Country. Metro Bus is accounted for as a Country Enterprise Fund. Make journal entries to account for the following 2008 transactions in the Enterprise Fund. a. On April 1, 2008, Metro borrows $3,000,000 by issuing 10-year revenue bonds. Bond principal is to be paid back in 20 equal semi-annual installments, starting October 1,2008, together with interest of 6% a year the unpaid principal. b. On July 1, Metro pays cash for 10 buses costing $150,000 each. Metro also pays cash for land costing $100,000 and a building costing $900,000 to house its repair activity. c. On July 1, Metro invests $200,000 of unused cash in a Certificate of Deposit (CD). d. Metro pays cash of $50,000 to acquire an inventory of repair parts. e. Metro collects bus fares of $900,000, which it deposits in the bank. f. Metro sends an invoice for $10,000 to the Country Social Services Agency for taking senior citizens on bus tours. The Agency receives appropriations from the General Fund. g. Metro pays salaries of $500,000 to its bus operators, mechanics, and administrative staff. h. The CD (transaction c.) matures and Metro receives a check for $203,000. i. On October 1, 2008, Metro pays the first installment of principal interest on the revenue bonds in transaction a. Prepare journal entries to record events and transactions for Metro Bus. Exercise #2: Presented on the following page is the adjusted trial balance for the Water Enterprise Fund of the City of Delray Dunes at December 31, 2009, the end of the fiscal year. Based on this information, a. Prepare the entry necessary to close the accounts. b. Compute the ending balances for (1) net assets invested in the capital assets, net of related debt, (2) restricted net assets, and (3) unrestricted net assets. c. Prepare the financial statements. Dept related to the capital assets consists solely of the revenue bonds payable. City of Delray Dunes Water Enterprise Fun Adjusted Trial Balance December 31, 2009 Cash and cash equivalents Cash restricted Investments $ 860,750 47,500 2,037,000 Due from other funds 595,000 Land 976,000 Machinery and equipment 2,264,000 Accumulated depreciation, machinery and equipment 1,840,000 Buildings 2,058,000 Accumulated depreciation, buildings 933,000 Accounts payable 398,250 Revenue bonds payable, current portion 50,000 Revenue bonds payable, noncurrent portion 1,650,000 Net assets 4,087,000 Revenues - charges for services 3,608,000 Revenues - other 61,200 Operating expenses - purchase of water 2,369,000 Operating expenses - materials and supplies 276,000 Operating expenses - personal services 827,195 Operating expenses - depreciation 253,000 Nonoperating revenues - investment revenues 29,580 Nonoperating expenses - interest 14,325 $12,627,450 $12,627,450 To prepare financial statements at December 31, 2008, Metro makes adjusting journal entries for the following items: j. To record six months' depreciation on the buses and building bought in transaction b. estimated lives are: buses - 10 years; building - 30 years. k. To record consumption of repair parts. A year-end physical inventory shows repair parts on hand amounting to $8,000. (see transaction d.) l. To accrue for unpaid salaries of $12,000. m. To accrue interest on the revenue bonds outstanding at December 31, 2008. (see transactions a. and i.) Required: Prepare journal entries to record events and transactions for Metro Bus. Operating expenses - purchase of water 2,369,000 Operating expenses - materials and supplies 276,000 Operating expenses - personal services 827,195 Operating expenses - depreciation 253,000 Nonoperating revenues - investment revenues 29,580 Nonoperating expenses - interest 14,325 $12,627,450 $12,627,450 To prepare financial statements at December 31, 2008, Metro makes adjusting journal entries for the following items: j. To record six months' depreciation on the buses and building bought in transaction b. estimated lives are: buses - 10 years; building - 30 years. k. To record consumption of repair parts. A year-end physical inventory shows repair parts on hand amounting to $8,000. (see transaction d.) l. To accrue for unpaid salaries of $12,000. m. To accrue interest on the revenue bonds outstanding at December 31, 2008. (see transactions a. and i.) Required: Prepare journal entries to record events and transactions for Metro Bus. Operating expenses - purchase of water 2,369,000 Operating expenses - materials and supplies 276,000 Operating expenses - personal services 827,195 Operating expenses - depreciation 253,000 Nonoperating revenues - investment revenues 29,580 Nonoperating expenses - interest 14,325 $12,627,450 $12,627,450 To prepare financial statements at December 31, 2008, Metro makes adjusting journal entries for the following items: j. To record six months' depreciation on the buses and building bought in transaction b. estimated lives are: buses - 10 years; building - 30 years. k. To record consumption of repair parts. A year-end physical inventory shows repair parts on hand amounting to $8,000. (see transaction d.) l. To accrue for unpaid salaries of $12,000. m. To accrue interest on the revenue bonds outstanding at December 31, 2008. (see transactions a. and i.) Required: Prepare journal entries to record events and transactions for Metro Bus