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Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. Required information [The following information applies

Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.j Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund 15 points CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 eBook Assets Current assets: Print Cash and investments Accounts receivable (net of $13,367 provision for uncollectible accounts) Accrued utility revenue Due from General Fund Interest receivable s 1,775,142 306,870 499,600 29,288 81,936 2,692,836 Total current assets Restricted assets Cash 9,194 Capital assets: Land Buildings (net of $3,420,381 in accumulated depreciation) Machinery and equipment (net of $5,130,505 in accumulated depreciation) $1,781,141 5,214,991 8,489,354 Total capital assets (net) Total Assets 15,485,486 18,187,516 Liabilities Current liabilities: Accounts payable Interest payable Current portion of long-term debt 532,087 131,782 397,000 Total current liabilities Customer deposits Revenue bond payable 1,060,869 9,194 11,513,000 Liabilities payable from restricted assets: Long-term liabilities: Total Liabilities Liabilities payable from restricted assets Customer deposits 9,194 Long-term liabilities: Revenue bond payable Total Liabilities 11,513,000 12,583,063 Net Position Net investment in capital assets Unrestricted 3,613,290 1,991,163 $ 5,604,453 15 points Following is the information of the Water Utility Fund for fiscal year 2020. eBook 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during fiscal year 2020 totaled $3,031,965; $197,077 of the total was billed to Print the General Fund 3. Cash in the amount of $264,307 was received. The cash was for interest earned on investments and $83,358 in accrued interest. 4. Expenses accrued for the period were management and administration, $366,374; maintenance and distribution, $700,509; and treatment plant, $706,747 5. Cash receipts for customer deposits totaled $2,471. 6. Cash collections on customer accounts totaled $2,996,766, of which $213,331 was from the General Fund 7. Cash payments for the period were as follows: Accounts Payable, $1,489,117; interest (which includes the interest payable), $403,093; bond principal, $397,000; machinery and equipment, $579,053; and return of customer deposits, $903 8. A state grant amounting to $470,315 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $9,915 10. The utility fund transferred $792,172 in excess operating income to the General Fund 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $237,708 and on machinery and equipment was $356,562; the allowance for uncollectible accounts was increased by $14,769; an accrual for unbilled customer receivables was made for $693,241; accrued interest income was $15,695; and accrued interest expense was $60,812 12. The Revenue Bond Payable account was adjusted by $397,000 to record the current portion of the bond 13. Closing entries and necessary adjustments were made to the net position accounts Required a-1. For fiscal year 2020, 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.) 15 points View transaction list eBook Journal entry worksheet Print The amount in the Accrued Utility Revenue account was reversed. Note: Enter debits before credits. Transaction General Journal Debit Credit Sales of Water Accrued Utility Revenue 01 Record entry Clear entry View general journal Required information 1 a-2. For fiscal year 2020, 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.) 15 points View transaction list eBook Journal entry worksheet Print Record the closure of all revenue and expenses account. Note: Enter debits before credits. Transaction 13(a) General Journal Debit Credit

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