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, 2022:

The City of Monroe maintains two custodial funds:

1. 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, 2022:

Debits CreditsCash$ 11,000 Accounts Payable $ 500 Net position Held in Trust for Inmates 10,500Totals$ 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 titledebitscredits

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

Account titledebitscredits

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

Account titledebitscredits

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

Account titledebitscredits

1. Prepare an entry closing all nominal accounts to Net position.

1. 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, 2022:

Debits CreditsCash$ 7,500 Payable to Crime Victims $ 7,500 Net position 0Totals$ 7,500 $ 7,500

Record the following transactions:

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

Account titledebitscredits

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

Account titledebitscredits

1. Prepare an entry closing all nominal accounts to Net position.

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.

1. Statement of Fiduciary Net position