Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards.

The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor the children and pay the registration fee.The following cash receipts were collected:

Registration 310,000

Cash loan from bank 65,000

The following cash disbursements were made:

Payroll taxes 30,600

Labor 102,800

Insurance 12,400

Interest 3.050

Purchase school bus 62,000.

Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund

Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund.