The following tronsactions relste to Newport City's special revenue fund.

In $2020,$ Newport City created s special revenue fund to help fund the $911$ emergency call center. The center is to be funded

through a legally restricted tax on cellular phones. No budget is recorded.

During the first year of operations, revenues from the newly imposed tox totaled $$492,500.$ Of this amount, $$443,250$ has been

received in cssh and the remsinder will be received within $60$ days of the end of the fiscal year.

Expenditures $($salaries$)$ incurred through the operation of the $911$ emergency call center totaled $$439,000.$ Of this amount, $$410,465$

wos poid before year$-$end.

During the year the state government awarded Newport City a grant to reimburse the City's costs $($not to exceed $$157,500)$ for the

purpose of troining new $911$ operstors. During the year, the City psid $$149,625($not reflected in the expenditures above$)$ to troin new

operators for the $911$ emergency call center and billed the state government.

$5.$ $$143,125$ of the amount billed to the State had been received by year$-$end.

Required:

a$.$ Prepore the joumsl entries for the above tronsactions. It is not necessary to use control accounts and subsidisry ledgers. Prepare

closing entries for year$-$end.

b$.$ Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund.

c$.$ Prepare a Balance Sheet assuming there are no committed or assigned net resources.

Complete this question by entering your answers in the tabs below.

Prepare closing entries for year$-$end. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first

account field.$)$

Journal entry worksheet

$1$

Record the closing entry.

Note: Enter debits befare credits.