The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2019, the first day of the fiscal year Credits Debita $ 350,000 212,000 3 32,000 132,800 268,000 7,033,000 2,633,000 Cash Customer accounts receivable Allowance for uncollectible accounts Materials and supplies Restricted assets (cash) Utility plant in service Accumulated depreciation-utility plant Construction work in progress Accounts payable Accrued expenses payable Revenue bonds payable Net position Totala 120,000 144,000 99,000 3,533,000 1,674,800 $8,115,800 $8,115,800 During the year ended June 30, 2020, the following transactions and events occurred in the Town of Weston Water Utility Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1.467,000 billings to the General Fund amounted to $126,000 3. Liabilities for the following were recorded during the year, G Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $218,000 392.000 219,000 238,000 4. Materials and supplies were used in the amount of $303,000, all for costs of sales and services 5. After collection efforts were unsuccessful. $15.700 of old accounts receivable were written off 6. Accounts receivable collections totaled $1,571,000 from nongovernmental customers and $53,500 from the General Fund 7. $1,143,800 of accounts payable were paid in cash 8. One year's interest in the amount of $193,700 was paid, 9. Construction was completed on plant assets costing $268.000 that amount was transferred to Utility Plant in Service 10. Depreciation was recorded in the amount of $278.100. 11. The Allowance for Uncollectible Accounts was increased by $10,000. 12. As required by the loan agreement, cash in the amount of $120,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $121,000. 14. Nominal accounts for the year were closed. Required: o. Record the transactions for the year in general Journal form b. Prepare a statement of Revenues, Experises, and Changes in Fund Net Position c. Prepare a statement of Net Position as of June 30, 2020. d. Prepare a Statement of Cash Flows for the year ended June 30, 2020. Assume all debt and interest are related to capital outlay Assume the entire construction work in progress lability (see item 3) was paid in entry 7. Include restricted assets as cash and cash equivalents Required A Required B Required C Required D Record the transactions for the year in general journal form. (If no entry is rec Required in the first account field.) View transaction list :X 1 Accrued expenses at July 1 were paid in cash. 2 Billings to nongovernmental customers for water usage for the year amounted to $1,467,000; billings to the General Fund amounted to $126,000. 3 Record the liability entry for expenses. 4 Materials and supplies were used in the amount of $303,000, all for costs of sales and services. 5 After collection efforts were unsuccessful, $15,700 of old accounts receivable were written off. 6 Accounts receivable collections totaled $1,571,000 from Note : = journal entry has been entered V Record entry Clear entry Record the transactions for the year in general journal form. (If no entry is Required" in the first account field.) View transaction list 7 $1,143,800 of accounts payable were paid in cash. 8 One year's interest in the amount of $193,700 was paid. 9 Construction was completed on plant assets costing $268,000; that amount was transferred to Utility Plant in Service. 10 Depreciation was recorded in the amount of $278,100. 11 The Allowance for Uncollectible Accounts was increased by $10,000. 12 As required by the loan agreement, cash in the amount of $120,000 was transferred to Restricted Assets for eventual redemption of the bonds. Note : journal entry has been entered 12 As required by the loan agreement, cash in the amount of $120,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13 Accrued expenses, all related to costs of sales and services, amounted to $121,000. 14 Nominal accounts for the year were closed. amount. TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: Total Revenues Operating Expenses: Total Operating Expenses Nonoperating Income (Expenses): Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June 30, 2020 Assets Current Assets: Total Current Assets Noncurrent Assets: Total Assets Liabilities and Fund Equity Liabilities Current Liabilities: Total Current Liabilities Noncurrent Liabilities: Total Liabilities Net Position Total Net Position Total Liabilities and Net Position TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: Cash Flows from Noncapital Financing Activities: Cash Flows from Capital and Related Financing Activities: Cash Flows from Investing Activities: Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year Reconciliation of Operating Income to Net Cash Provided by Operating Activities: Reconciliation of Operating Income to Net Cash Provided by Operating Activities