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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 City of Evansville operated a summer camp program for atrisk 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.
At the beginning of the program had unrestricted cash of $
The loan from the bank is dated April and is for a fiveyear period. Interest percent annual rate is paid on October and April
of each year, beginning October
The bus was purchased on April with the proceeds provided by the bank loan and has an estimated useful life of five years
straightline basisuse monthly depreciation
All invoices and salaries related to had been paid by close of business on December except for the employer's portion of
December payroll taxes, totaling $
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.
The answers provided were completely wrong. The numbers in the question was not used.
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