The Town of Weston has a Water Utility Fund with the following trial balance as of July $1,2023,$ the first day of the fiscal year: As required by the loan agreement, cash in the amount of $$119,000$ was transferred to Restricted Assets for eventual redemption of

the bonds.

Accrued expenses, all related to costs of sales and services, amounted to $$119,000.$

Nominal accounts for the year were closed.

Required:

a$.$ Record the transactions for the year in general journal form.

b$.$ Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.

c$.$ Prepare a Statement of Net Position as of June $30,2024.$

d$.$ Prepare a Statement of Cash Flows for the year ended June $30,2024.$ Assume all debt and interest are related to capital outlay.

Assume the entire construction work in progress liability $($see item $3)$ was paid in entry $7.$ Include restricted assets as cash and cash

equivalents.

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

Record the transactions for the year in general journal form.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

Accrued expenses at Julv $1$ were Daid in cash. Prepare a Statement of Net Position as of June $30,2024.$

Note: Deductions should be entered as a negative amount.

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During the year ended June $30,2024,$ the following transactions and events occurred in the Town of Weston Water Utility Fund:

Accrued expenses at July $1$ were paid in cash.

Billings to nongovernmental customers for water usage for the year amounted to $$1,466,000$; billings to the General Fund

amounted to $$125,000.$

Liabilities for the following were recorded during the year:

Materials and supplies were used in the amount of $$300,000,$ all for costs of sales and services.

After collection efforts were unsuccessful, $$15,600$ of old accounts receivable were written off.

Accounts receivable collections totaled $$1,570,000$ from nongovernmental customers and $$53,200$ from the General Fund.

$$1,137,400$ of accounts payable were paid in cash.

One year's interest in the amount of $$192,600$ was paid.

Construction was completed on plant assets costing $$267,000$; that amount was transferred to Utility Plant in Service.

Depreciation was recorded in the amount of $$277,100.$

The Allowance for Uncollectible Accounts was increased by $$11,000.$