Exercise 6 - 6 ( Algo ) The Town of Weston has a Water Utility Fund with
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Exercise Algo
The Town of Weston has a Water Utility Fund with the following trial balance as of July the first day of the fiscal year:
During the year ended June the following transactions and events occurred In the Town of Weston Water Utility Fund:
Accrued expenses at July were pald In cash.
Billings to nongovernmental customers for water usage for the year amounted to $; billings to the General Fund amounted
to $
Llabilitles for the following were recorded during the year:
Materials and supplies were used in the amount of $ all for costs of sales and services.
After collection efforts were unsuccessful, $ of old accounts recelvable were written off,
Accounts recelvable collectlons totaled $ from nongovernmental customers and $ from the General Fund.
$ of accounts payable were pald In cash.
One year's interest in the amount of $ was pald.
Construction was completed on plant assets costing $; that amount was transferred to Utility Plant In Service.
Depreclation was recorded in the amount of $
The Allowance for Uncollectible Accounts was Increased by $
As requlred by the loan agreement, cash In the amount of $ was transferred to Restricted Assets for eventual redemption of
the bonds.
Accrued expenses, all related to costs of sales and services, amounted to $
NomInal accounts for the year were closed.
Requlred:
a Record the transactions for the year in general Journal form.
b Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
c Prepare a Statement of Net Position as of June
d Prepare a Statement of Cash Flows for the year ended June Assume all debt and Interest are related to capital outlay.
Assume the entire construction work in progress llability see Item was pald In entry Include restricted assets as cash and cash
equlvalents.
Complete this question by entering your answers in the tabs below.
Record the transactions for the year in general jouThe Town of Weston has a Water Utility Fund with the following trial balance as of July the first day of the fiscal year:
Debits Credits
Cash $
Customer accounts receivable
Allowance for uncollectible accounts $
Materials and supplies
Restricted assets cash
Utility plant in service
Accumulated depreciationutility plant
Construction work in progress
Accounts payable
Accrued expenses payable
Revenue bonds payable
Net position
Totals $ $
During the year ended June the following transactions and events occurred in the Town of Weston Water Utility Fund:
Accrued expenses at July were paid in cash.
Billings to nongovernmental customers for water usage for the year amounted to $; billings to the General Fund amounted to $
Liabilities for the following were recorded during the year:
Materials and supplies $
Costs of sales and services
Administrative expenses
Construction work in progress
Materials and supplies were used in the amount of $ all for costs of sales and services.
After collection efforts were unsuccessful, $ of old accounts receivable were written off.
Accounts receivable collections totaled $ from nongovernmental customers and $ from the General Fund.
$ of accounts payable were paid in cash.
One years interest in the amount of $ was paid.
Construction was completed on plant assets costing $; that amount was transferred to Utility Plant in Service.
Depreciation was recorded in the amount of $
The Allowance for Uncollectible Accounts was increased by $
As required by the loan agreement, cash in the amount of $ was transferred to Restricted Assets for eventual redemption of the bonds.
Accrued expenses, all related to costs of sales and services, amounted to $
Nominal accounts for the year were closed.
Required:
Record the transactions for the year in general journal form.
Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
Prepare a Statement of Net Position as of June
Prepare a Statement of Cash Flows for the year ended June Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability see item was paid in entry Include restricted assets as cash and cash equivalents.
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