Required: (1) Prepare, in good form, all general journal entries required for the transactions listed above. Be sure to indicate in which fund the entry should be made. Omit explanations. Use the number of the entry as the date.

(2) Prepare a statement of Net Position for the Child Welfare Principal Trust Fund as of September 30, 20X1

Trisl Balance Trust Fund As Of OCT 1, 20X3

Cash Dr 90,000

Land Dr 115,000

Buildings Dr 225,000

Accumulated Depreciation, Buildings Cr 93,000

Accrued Janitorial Wages Payable Cr 1,250

Accrued Property Taxes Payable Cr 750

Due To Child Welfare Earnings Trust Fund Cr 40,000

Net position--Reserved For Trust Principal Cr 295,000

Totals Cr430,000 Cr430,000

The endowment for the fund is an apartment building. The terms of the trust indicate that the endowment principal is to be maintained intact, and the net earnings from the principal may be used to finance child walfare activities. The following transactions occurred during the year that affected the fund.

(1)Expenses and accrued liabilities paid in cash for operations of the apartment building were as follows.

Heat, Light, and Power $12,500

Janitorial Wages(including wages previously accrued) 4,000

Repairs and Maintenance 4,700

Property Taxes(including taxes previously accrued) 3,300

Management Fees 5,000

Miscellaneous Expenses 2,500

(2) A special assessment of $3,000 was levied by the city against the property(for capital improvements) and was paid by the trust fund.

(3) Apartment rents collected during the year amounted to $70,000

(4)The amount due to the Child Welfare Earnings Trust Fund at the beginning of the fiscal year was paid. The amount was not accrued in the Child Welfare Earnings Trust Fund in prior year.

(5)Expenditures of $25,500 were paid from the Child Welfare Earnings Trust Fund to finance summer camp activities during the fiscal year.

(6)The following adjusting entries need to be made at the close of the fiscal year.

Depreciation $8,000

Accrued Taxes 2,800

Accrued Wages 500

(7)All appropriate closing entries were made for the fiscal year.