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Need this done in less than 2 hours, please! Required information Exercise 7-24 (Algo) Central Station Enterprise Fund (LO 7-5) [The following information applies to
Need this done in less than 2 hours, please!
Required information Exercise 7-24 (Algo) Central Station Enterprise Fund (LO 7-5) [The following information applies to the questions displayed below.) The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,524 was accrued based upon reservations. 2. Cash in the amount of $90,286 was received on accounts. 3. Cash expenses for the period included administrative services, $25,225; maintenance and repairs, $72,938; and utilities, $30,140. 4. The Central Station Fund was awarded a $10,400 grant for historic preservation. All eligibility requirements were met within the year, but the cash had not been received at year-end. The grant is considered operating revenue. 5. The Central Station Fund received a $64,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,523. 7. At the end of the period, nominal accounts were closed. Exercise 7-24 (Algo) Part a Required a. Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet B C D E F G > Record the $94,524 rental income accrued based upon reservations. Note: Enter debits before credits. General Journal Debit Credit Transaction 01 Record entry Clear entry View general journal Journal entry worksheet Record the $90,286 cash received on accounts. Note: Enter debits before credits. General Journal Debit Credit Transaction 02 Record entry Clear entry View general journal Journal entry worksheet Record the $10,400 grant awarded for historic preservation. All eligibility requirements were met within the year, but the cash had not been received at year-end. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 Record entry Clear entry View general journal Journal entry worksheet A B C D RALLY E F G Record the $64,000 received from the General Fund. Note: Enter debits before credits. General Journal Debit Credit Transaction 05 Record entry Clear entry View general journal Journal entry worksheet Record the $3,523 adjusting entry for depreciation. Note: Enter debits before credits. General Journal Debit Credit Transaction 06 Record entry Clear entry View general journal Journal entry worksheet Record the closure of nominal accounts at the end of the period. Note: Enter debits before credits. Transaction General Journal Debit Credit 07Step by Step Solution
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