Entries in this enterprise fund do not have to be recorded at the government-wide level since enterprise funds and business-type activities at the government-wide level both use the same (accrual) basis of accounting and same (economic resources) measurement focus. Thus, the same information recorded in the accounts of the enterprise fund can also, with only slight modification, be reported as business-type activities at the government-wide level.

Record the following events and transactions, which occurred during the year ended December 31, 2020.

1) Bond interest accrued and due on January 1, 2020 was paid to holders of the revenue bonds.

2) Billings to external customers for water service for the year totaled $3,124,500. Billings to the City of Bingham General Fund for water service totaled $50,000.

3) Collections from customers totaled $3,044,100; $22,400 was also received from the citys General Fund.

4) A $650,000 contract was signed for a construction project expected to cost $995,000. Water utility employees will complete $360,000 of the project.

Previous Information that might be needed:

CITY OF BINGHAM Water Utility Fund Trial Balance As of December 31, 2019 Debits $526,692 67,840 181,524 Credits Cash Restricted Cash-Customer Deposits Customer Accounts Receivable Accumulated Provision for Uncollectible Accounts Inventory of Supplies Due from Other Funds Utility Plant in Service Accumulated Depreciation- Utility Plant Construction Work in Progress Vouchers Payable Customer Deposits Accrued Interest Payable $5,266 101,799 22,400 21,042,463 4,765,842 1,402,777 83,541 67,840 477,510