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 Debits $ 347,000 210,200 $ 31,700 130,400 265,000 7,027,000 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 Totals 2,627,000 117,000 140,400 92,000 3,527,000 1,678,500 $8,096,600 $8,096,600 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 $1,455,000; billings to the General Fund amounted to $123,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $212,000 386,000 216,000 235,000 4. Materials and supplies were used in the amount of $311,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $15,400 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1.558,000 from nongovernmental customers and $52,600 from the General Fund. 7. $1,124,600 of accounts payable were paid in cash. 8. One year's interest in the amount of $190,400 was paid. 9. Construction was completed on plant assets costing $265,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $275,100. 11. The Allowance for Uncollectible Accounts was increased by $11,000. 12. As required by the loan agreement, cash in the amount of $117,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $115,000. 14. 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, 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 liability (see item 3) was paid in entry 7. Include restricted assets as cash and cash equivalents. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the transactions for the year in general journal form. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction General Journal Credit Debit 92.000 1 1 ol Accrued Expenses Payable Cash 92,000 2 2 2 Customer Accounts Receivable Due From Other Funds Operating Revenues-Charges for Sales 1,455,000 123,000 00 1,578,000 3 3 Materials and Supplies Operating Expenses-Administrative Operating Expenses-Costs of Sales Construction Work in Progress Accounts Payable ololololo 212.000 216,000 386,000 235,000 1,049,000 4 4 311.000 . Operating Expenses-Costs of Sales Materials and Supplies 311.000 5 5 15.400 Allowance for Uncollectible Accounts Customer Accounts Receivable lol 15.400 6 6 Cash 1,610,600 Customer Accounts Receivable Due From Other Funds OOO 1,558,000 52,600 7 7 1,124,600 Accounts Payable Cash 1,124,600 8 8 190.400 Nonoperating Expenses-Interest Cash 190,400 9 9 265.000 Utility Plant in Service Construction Work in Progress 265,000 10 10 275.100 Operating Expenses-Depreciation Accumulated Depreciation . 275.100 11 11 11,000 Operating Revenues-Charges for Sales Allowance for Uncollectible Accounts OO 11,000 12 12 117.000 Restricted Assets Cash Oo 117.000 13 13 115,000 Operating Expenses-Costs of Sales Accrued Expenses Payable 115,000 14 14 1,567,000 Operating Revenues-Charges for Sales Operating Expenses-Costs of Sales Operating Expenses-Administrative Operating Expenses-Depreciation Nonoperating Expenses-Interest Net Position OOOOOOO 812.000 216.000 275,100 190.400 73,500 olololo Required B TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 Revenues: Operating Revenues-Charges for Sales $ 1,567,000 1,567,000 Total Revenues Operating Expenses: Costs of Sales Administrative Expenses Depreciation Expenses 812,000 216,000 275,100 1,303.100 263,900 Total Operating Expenses Operating Income Nonoperating Income (Expenses): Interest Expense (190.400) Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year (190,400) 73,500 1,678,500 $ 1,752,000 Statement of Net Position June 30, 2020 Assets Current Assets: Cash Customer Fees Receivable Less: Allowance for Uncollectible accounts Due From Other Funds Supplies Inventory OOOOO $ 433,600 91,800 (27.300) 498.100 Total Current Assets Noncurrent Assets: Restricted Assets Utility Plant in Service Less: Accumulated Depreciation Construction Work in Progress OOO $ 498,100 Total Assets Liabilities and Fund Equity Liabilities Current Liabilities: Accounts Payable Accrued Expenses Payable olo 0 Total Current Liabilities Noncurrent Liabilities: Revenue Bonds Payable > 0 Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted olol Total Net Position Total Liabilities and Net Position $ 0 TOWN OF WESTON WATER UTILITY FUND Statement of Cash Flows For the Year Ended June 30, 2020 Cash Flows from Operating Activities: 01 Cash Flows from Noncapital Financing Activities: Cash Flows from Capital and Related Financing Activities: 0 Cash Flows from Investing Activities: Cash and Cash Equivalents Beginning of Year Cash and Cash Equivalents End of Year $ 0 Reconciliation of Operating Income to Net Cash Provided by Operating Activities: $ 0