Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I already answered the stores and services fund, i just need the water and sewer fund and its related entries/statements. thank you! Stores and Services
I already answered the stores and services fund, i just need the water and sewer fund and its related entries/statements. thank you! Stores and Services Internal Service Fund Closing Entry Water and Sewer Enterprise Fund Closing Entry Water and Sewer Enterprise Fund Closing Entry 11 b. Post the entries to the Stores and Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming there are no Restricted Net pasition. 6-C. Part 2. Enterprise Fund Transactions The City of Monroe maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2020, the City of Monroe Water and Sewer Fund had the following account balances: Required: a. Open a general journal for the City of Monroe Water and Sewer Utility Fund and record the following transactions. (1) During the year, sales of water to non-government customers amounted to $1,025,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $983,000. (3) The Stores and Services Fund repaid \$15,000 of the long-term advance to the Water and Sewer Fund. (4) Materials and supplies in the amount of $261,000 were received. A liability in that amount was recorded. (5) Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress, $50,000. (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes, Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400(416,200+34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400; construction work in progress, $49,300. b. Post the entries to the Stores and Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming there are no Restricted Net position. 6-C. Part 2. Enterprise Fund Transactions The City of Monroe maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2020, the City of Monroe Water and Sewer Fund had the following account balances: Required: a. Open a general joumal for the City of Monroe Water and Sewer Utility Fund and record the following transactions. (1) During the year, sales of water to non-government customers amounted to $1,025,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $983,000. (3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and Sewer Fund. (4) Materials and supplies in the amount of $261,000 were received. A liability in that amount was recorded. (5) Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress, $50,000. (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400(416,200+34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400; construction work in progress, $49,300. Stores and Services Internal Service Fund Closing Entry Water and Sewer Enterprise Fund Closing Entry Water and Sewer Enterprise Fund Closing Entry 11 b. Post the entries to the Stores and Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming there are no Restricted Net pasition. 6-C. Part 2. Enterprise Fund Transactions The City of Monroe maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2020, the City of Monroe Water and Sewer Fund had the following account balances: Required: a. Open a general journal for the City of Monroe Water and Sewer Utility Fund and record the following transactions. (1) During the year, sales of water to non-government customers amounted to $1,025,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $983,000. (3) The Stores and Services Fund repaid \$15,000 of the long-term advance to the Water and Sewer Fund. (4) Materials and supplies in the amount of $261,000 were received. A liability in that amount was recorded. (5) Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress, $50,000. (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes, Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400(416,200+34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400; construction work in progress, $49,300. b. Post the entries to the Stores and Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the net position accounts, assuming there are no Restricted Net position. 6-C. Part 2. Enterprise Fund Transactions The City of Monroe maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2020, the City of Monroe Water and Sewer Fund had the following account balances: Required: a. Open a general joumal for the City of Monroe Water and Sewer Utility Fund and record the following transactions. (1) During the year, sales of water to non-government customers amounted to $1,025,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $983,000. (3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and Sewer Fund. (4) Materials and supplies in the amount of $261,000 were received. A liability in that amount was recorded. (5) Materials and supplies were issued and were charged to the following accounts: cost of sales and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress, $50,000. (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400(416,200+34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400; construction work in progress, $49,300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started