[The following information applies to the questions displayed below.]

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

	Debits			Credits
Accounts payable				$	119,000
Accounts receivable	$	32,900
Accrued interest payable					36,100
Accumulated depreciation					54,500
Administrative and selling expenses		56,500
Allowance for uncollectible accounts					14,100
Capital assets		736,000
Cash		100,100
Charges for sales and services					583,000
Cost of sales and services		511,000
Depreciation expense		54,500
Due from General Fund		18,400
Interest expense		41,600
Interest revenue					5,800
Transfer in from General Fund					130,700
Bank note payable					628,900
Supplies inventory		21,100
Totals	$	1,572,100		$	1,572,100

Exercise 6-4 (Algo)

Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

[The following information applies to the questions displayed below.]

The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

	Debits			Credits
Accounts payable				$	119,000
Accounts receivable	$	32,900
Accrued interest payable					36,100
Accumulated depreciation					54,500
Administrative and selling expenses		56,500
Allowance for uncollectible accounts					14,100
Capital assets		736,000
Cash		100,100
Charges for sales and services					583,000
Cost of sales and services		511,000
Depreciation expense		54,500
Due from General Fund		18,400
Interest expense		41,600
Interest revenue					5,800
Transfer in from General Fund					130,700
Bank note payable					628,900
Supplies inventory		21,100
Totals	$	1,572,100		$	1,572,100

Exercise 6-4 (Algo)

Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)