Following is the June 30, 2017, statement of net position for the City of Bay Lake Water Utility Fund.

CITY OF BAY LAKE
Water Utility Fund
Statement of Fund Net Position
June 30, 2017
Assets
Current assets:
Cash and investments				$	1,776,021
Accounts receivable (net of $13,374 provision for uncollectible accounts)					307,030
Accrued utility revenue					500,100
Due from General Fund					29,317
Interest receivable					82,017
Total current assets					2,694,485
Restricted assets:
Cash					9,199
Capital assets:
Land	$	1,782,109
Buildings (net of $3,422,238 in accumulated depreciation)		5,217,821
Machinery and equipment (net of $5,133,288 in accumulated depreciation)		8,493,957
Total capital assets (net)					15,493,887
Total Assets					18,197,571
Liabilities
Current liabilities:
Accounts payable		532,380
Interest payable		131,855
Current portion of long-term debt		406,000
Total current liabilities					1,070,235
Liabilities payable from restricted assets:
Customer deposits					9,199
Long-term liabilities:
Revenue bond payable					11,774,000
Total Liabilities					12,853,434
Net Position
Net investment in capital assets					3,310,191
Unrestricted					2,033,946
				$	5,344,137

Following is the information of the Water Utility Fund for fiscal year 2017.

(1)	The amount in the Accrued Utility Revenue account was reversed.
(2)	Billings to customers for water usage during fiscal year 2017 totaled $2,891,136; $187,924 of the total was billed to the General Fund.
(3)	Cash in the amount of $252,032 was received. The cash was for interest earned on investments and $79,488 in accrued interest.
(4)	Expenses accrued for the period were: management and administration, $349,365; maintenance and distribution, $667,988; and treatment plant, $673,936.
(5)	Cash receipts for customer deposits totaled $2,355.
(6)	Cash collections on customer accounts totaled $2,856,083, of which $203,315 was from the General Fund.
(7)	Cash payments for the period were as follows: Accounts Payable, $1,419,204; interest (which includes the interest payable), $384,169; bond principal, $406,000; machinery and equipment, $592,179; and return of customer deposits, $924.
(8)	A state grant amounting to $481,252 was received to help pay for new water treatment equipment.
(9)	Accounts written off as uncollectible totaled $10,145.
(10)	The utility fund transferred $810,548 in excess operating income to the General Fund.
(11)	Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111; an accrual for unbilled customer receivables was made for $709,294; accrued interest income was $16,059; and accrued interest expense was $62,222.
(12)	The Revenue Bond Payable account was adjusted by $406,000 to record the current portion of the bond.
(13)	Closing entries and necessary adjustments were made to the net position accounts.

1.

value: 4.68 points

Required information

Required
a-1.	For fiscal year 2017, prepare general journal entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a-2.	For fiscal year 2017, prepare closing entries for the Water Utility Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

- Record the closure of all revenue and expenses account.

- Record the net change in investment in capital assets.