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I need help woth questions 7-11. 263 Chapter 7 . The Governmental Fund Accounting Cycle The EUEF had the following transactions during 2013 (amounts in
I need help woth questions 7-11.
263 Chapter 7 . The Governmental Fund Accounting Cycle The EUEF had the following transactions during 2013 (amounts in thousands of dollars): X. EUEF billed residents of Leisure City $4,000 for electric power. 2. EUEF collected $4,500 of its accounts receivable. 3. EUEF established a $40 allowance for uncollectible accounts. 4. EUEF billed Leisure City's General Fund $200 for electric power provided to city departments. 8. EUEF collected the entire amount billed to the city's General Fund. 6. EUEF paid $1,300 in salaries to its employees and $400 in other operating expenses. 7. The outstanding serial bonds of $26,000 are being paid at the rate of $2,000 every year, starting October 1, 2013, with interest of 4 percent per annum on the outstanding debt. (The $260 interest payable shown in the trial balance had been accrued on December 31, 2012.) EUEF paid the debt service due on October 1, 2013. 8. The short-term investments shown in the trial balance matured. EUEF received $1,050, which included investment income of $50. 9. At year-end, EUEF accrued interest on its outstanding debt. 10. At year-end, EUEF recorded $1,600 depreciation on its capital assets. 11. At year-end, EUEF made an adjusting entry to report the current portion of its serial bonds payable as a current liability. Use the preceding information to do the following: a. Prepare the journal entries necessary to record these transactions in the EUEF 8. Prepare a statement of revenues, expenses, and changes in net position. . Prepare a statement of net position for the EUEF Step by Step Solution
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