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: 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 $1,400,000; billings to the General Fund amounted to $115,000. 3. Liabilities for the following were recorded during the year: 4. Materials and supplies were used in the amount of $286,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $14,600 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,515,000 from nongovernmental customers and $50,200 from the General Fund. 7. $1,073,400 of accounts payable were paid in cash. 8. One year's interest in the amount of $181,600 was paid. 9. Construction was completed on plant assets costing $257,000; that amount was transferred to Utility Plant in Service. 0 . Depreciation was recorded in the amount of $267,100. 11. The Allowance for Uncollectible Accounts was increased by $11,000. 2. As required by the loan agreement, cash in the amount of $109,000 was transferred to Restricted Assets for eventual redemption of the bonds. 3. Accrued expenses, all related to costs of sales and services, amounted to $99,000. 4. 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. In the reconciliation, assume the Accounts Receivable is netted against the Allowance account. Complete this question by entering your answers in the tabs below. 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.) 1 Accrued expenses at July 1 were paid in cash. 2 Billings to nongovernmental customers for water usage for the year amounted to $1,400,000; billings to the General Fund amounted to $115,000. 3 Record the liability entry for expenses. 4 Materials and supplies were used in the amount of $286,000, all for costs of sales and services. 5 After collection efforts were unsuccessful, $14,600 of old accounts receivable were written off. 6 Accounts receivable collections totaled $1,515,000 from nongovernmental customers and $50,200 from the Note : = journal entry has been entered 7$1,073,400 of accounts payable were paid in cash. 8 One year's interest in the amount of $181,600 was paid. 9 Construction was completed on plant assets costing $257,000; that amount was transferred to Utility Plant in Service. 10 Depreciation was recorded in the amount of $267,100. 11 The Allowance for Uncollectible Accounts was increased by $11,000. 12 As required by the loan agreement, cash in the amount of $109,000 was transferred to Restricted Assets for 13 Accrued expenses, all related to costs of sales and services, amounted to $99,000. 14 Nominal accounts for the year were closed. TOWN OF WESTON WATER UTILITY FUND Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2020 \begin{tabular}{|l|l|} \hline Revenues: & \\ \hline \multicolumn{1}{|c|}{ Total Revenues } & \\ \hline Operating Expenses: & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Notal Operating Expenses & \\ \hline & \\ \hline & \\ \hline Total Nonoperating (Expense) & \\ \hline Nhange in Net Position & \\ \hline Net Position - End of Year & \\ \hline \end{tabular} TOWN OF WESTON WATER UTILITY FUND Statement of Net Position June30,2020 Assets 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 rach and rach pnuivalente (Dedurtions shnuld he pntered as a nenative amnunt..) Reconciliation of Operating Income to Net Cash Provided by Operating Activities
