Required information {The following infomation applies to the questions displayed below} Following is the June 30, 2019, statement of net position for the City of Bay Lake Water Utility Fund. CITY OF BAY LAKE Water Utility Fund Statement of Fund Net Position June 30, 2019 Assets Current assets: Cash and investments 8 1,776,021 Accounts receivable (net of $13,374 provision for uncollectible accounts] 307,030 Accrued utility revenue 500,100 Due from General Fund 29,317 Interest receivable 82,017 Total current assets 2,694,485 Restricted assets: Cash 9,199 Capital assets: Land $1,782,109 Buildings (net of $3,422,238 in accumulated depreciation] 5,217,821 Machinery and equipment [net of $5,133,288 in accumulated depreciation} 8,493,957 Total capital assets (net) 15,493,887 Total Assets 18,197,571 Liabilities Current liabilities: Accounts payable 532,380 Interest payable 131,855 Current portion of long-term debt 406,000 Total current liabilities 1,070,235 Liabilities payable from restricted assets: Customer deposits 9,199 Long-term liabilities: Revenue bond payable 11,774,000 Total Liabilities 12,853,434 Net Position Net investment in capital assets 3,310,191 Unrestricted 2,033,946 8 5,344,137 r__________________________________________________________________________________________________________________:::::::::::::_. Following is the information of the Water Utility Fund for fiscal year 2020. 1. The amount in the Accrued Utility Revenue account was reversed. 2. Billings to customers for water usage during scal year 2020 totaled $2,891,136: $187,924 of the total was billed to the General Fund. 3. Cash in the amount of $25 2,032 was received. The cash was for interest earned on investments and $79,488 in accrued interest. 4. Expenses accrued for the period were management and administration, $349,365: maintenance and distribution, $657,988: and treatment plant, $673,936. 5. Cash receipts for customer deposits totaled $2,355. 6. Cash collections on customer accounts totaled $2,856,083, of which $203,315 was from the General Fund. 7. Cash payments for the period were as follows: Accounts Payable, $1,419,204: interest [which includes the interest payable], $384,169: bond principal, $406,000; machinery and equipment, $592,179: and return of customer deposits, $924. 8. A state grant amounting to $481,252 was received to help pay for new water treatment equipment. 9. Accounts written off as uncollectible totaled $10,145. 10. The utility fund transferred $810,548 in excess operating income to the General Fund. 11. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111: an accrual for unbillecl customer receivables was made for $709,294: accrued interest income was $15,059; and accrued interest expense was $52,222. 12. The Revenue Bond Payable account was adjusted by $406,000 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.) w .. Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111; an accrual for unbilled customer receivables was made for $709,294; accrued interest Note: Enter debits before credits Transaction General Journal Debit Credit 11 Depreciation Expense Uncollectible Accounts Interest Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Machinery and Equipment Accumulated Provision for Uncollectible Accounts Interest Payable Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet A B Record the closure of all revenue and expenses account. Note: Enter debits before credits. Transaction General Journal Debit Credit 13(a)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.) Adjusting entries for the period were recorded as follows: depreciation on buildings was $243,221 and on machinery and equipment was $364,831; the allowance for uncollectible accounts was increased by $15,111; an accrual for unbilled customer receivables was made for $709,294; accrued interest Note: Enter debits before credits Transaction General Journal Debit Credit 11 Depreciation Expense Uncollectible Accounts Interest Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Machinery and Equipment Accumulated Provision for Uncollectible Accounts Interest Payable Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet