The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020 , the program had unrestricted cash of $38,000. 2. The loan from the bank is dated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1,2020 . 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straiaht-line basis-use monthlv deoreciationl or eacn year, Deginning Uctoder 1, zUzU. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $2,700. Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intend summer camp program as an enterprise fund. (Deductions should be entered as a negative amount.) \begin{tabular}{|l|l|} \hline Total Revenues \\ \hline Operating Expenses: \\ \hline & \\ \hline Total Operating Expenses \\ \hline & \\ \hline Nonoperating income (Expenses): \\ \hline & \\ \hline & \\ \hline Total Nonoperating income (Expenses) \\ \hline & \\ \hline Net Position - Beginning of Year & \\ \hline Net Position - End of Year & \\ \hline \end{tabular} Req A Entries Req B Entries Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry the first account field.) Journal entry worksheet Record the entry for revenue received in cash. Note: Enter debits before aedits. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. (Deductions should be entered as a negative amount.) The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020 , the program had unrestricted cash of $38,000. 2. The loan from the bank is dated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1,2020 . 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straiaht-line basis-use monthlv deoreciationl or eacn year, Deginning Uctoder 1, zUzU. 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $2,700. Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal the first account field.) Journal entry worksheet Note: Enter debits before credits. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intend summer camp program as an enterprise fund. (Deductions should be entered as a negative amount.) \begin{tabular}{|l|l|} \hline Total Revenues \\ \hline Operating Expenses: \\ \hline & \\ \hline Total Operating Expenses \\ \hline & \\ \hline Nonoperating income (Expenses): \\ \hline & \\ \hline & \\ \hline Total Nonoperating income (Expenses) \\ \hline & \\ \hline Net Position - Beginning of Year & \\ \hline Net Position - End of Year & \\ \hline \end{tabular} Req A Entries Req B Entries Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry the first account field.) Journal entry worksheet Record the entry for revenue received in cash. Note: Enter debits before aedits. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. (Deductions should be entered as a negative amount.)