Solution needed

Utilit ss are paid in the following month. The utility bill for December $2024$ was received on January $4,2025,$ in the amount of $$970.($Utility bills are recorded through accounts payable.$)$

On December $21,$ the company placed an order for a new computerized control switch in the amount of $$1,500$ to be delivered and paid for in January $2025.$

Required:

You have been asked to provide financial statements for the upcoming County Board meeting for the Television Reception Improvement Fund.

Part $1$: Assume the County chooses to report the Television Reception Improvement Fund as a special revenue fund following modified accrual basis statements. Using the Excel template provided,

a$.$ Prepare journal entries recording the events ab$$ve for the year ending December $31,2024.$

b$.$ Post the journal entries to T$-$accounts.

c$.$ Prepare closing entries.

d$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance.

e$.$ Prepare a Balance Sheet, assuming there are no restricted or committed fund net resources.

Part $2$: Assume the County chooses to report the Television Reception Improvement Fund as an enterprise fund following accrual basis statements. Using the Excel template provided,

a$.$ Prepare journal entries recording the events above for the year ending December $31,2024.$

b$.$ Post the journal entries to T$-$accounts.