The City of Monroe maintains two custodial funds:

a$)$ The Inmate Custodial Accounts fund holds money belonging to individuals incarcerated in the City jail. Inmates may receive cash from family members or as compensation for working in the jail kitchen or laundry. The City maintains separate balances for each inmate. Inmates request the City to disburse their cash to purchase snacks, hygiene items, or reading materials. Any unexpended balance is refunded to inmates upon release at the completion of their sentence. No funds are expended until requested by the inmate and inmates commonly serve up to $18$ months in the city jail.

The Inmate Custodial Accounts fund had the following balances at January $1,2024$:

Debits Credits

Cash $ $11,000$

Accounts Payable $ $500$

Net position Held in Trust for Inmates $10,500$

Totals $ $11,000$ $ $11,000$

Record the following transactions

$1.$ Receipts from inmate families totaled $ $9,000$ and deposits from inmates working in the jail totaled $ $14,000.$

Account title debits credits

$2.$ Inmates requested disbursements totaling $$21,000$ for the year.

Account title debits credits

$3.$ Payments were made in the amount of $ $19,800$ for allowable purchases.

Account title debits credits

$4.$ Inmates completing their sentences were refunded $ $4,200$ of their balances.

Account title debits credits

$5.$ Prepare an entry closing all nominal accounts to Net position and post into their T$-$accounts.

b$)$ The Crime Victim Restitutions fund accounts for the receipt and disbursement of cash received from convicted individuals. As part of their sentencing$,$ individuals convicted of crimes involving theft or property damage frequently must make payments to compensate victims for loss. The court determines the amounts and establishes a payment schedule. Victims receiving restitution do not have to request payment. By statute the City is required to disburse restitution amounts to the designated victim by the $10$th day of the month following receipt of restitution amounts.

The Crime Victim Restitutions fund had the following balances at January $1,2024$:

Debits Credits

Cash $ $7,500$

Payable to Crime Victims $ $7,500$

Net position $0$

Totals $ $7,500$ $ $7,500$

Record the following transactions:

$1.$ Restitution payments were received in the amount of $ $96,000$ for the year

Account title debits credits

$2.$ Payments to crime victims totaled $ $95,300$ for the year.

Account title debits credits

$3.$ Prepare an entry closing all nominal accounts to Net position and post to their T$-$accounts.

Part $3.$ Fiduciary Fund Financial Statements

Required: Using the balances from Parts $1$ and $2$ prepare the following:

$1.$ Statement of Changes in Fiduciary Net position.

$2.$ Statement of Fiduciary Net position