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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
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 $ 342,000 207,200 $ 31,200 126,400 260,000 7,017,000 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 2,617,000 112,000 134,400 81,500 3,517,000 1,683,500 $8,064,600 $8,064,600 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 $1,423,000: billings to the General Fund amounted to $118,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses Construction work in progress $ 202,000 376,000 211,000 230,000 4. Materials and supplies were used in the amount of $294,000, all for costs of sales and services. 5. After collection efforts were unsuccessful, $14,900 of old accounts receivable were written off. 6. Accounts receivable collections totaled $1,518,000 from nongovernmental customers and $51,100 from the General Fund. 7. $1,092,600 of accounts payable were paid in cash. 8. One year's interest in the amount of $184,900 was paid. 9. Construction was completed on plant assets costing $260,000; that amount was transferred to Utility Plant in Service. 10. Depreciation was recorded in the amount of $270,100. 11. The Allowance for Uncollectible Accounts was increased by $10,000. 12. As required by the loan agreement, cash in the amount of $112,000 was transferred to Restricted Assets for eventual redemption of the bonds. 13. Accrued expenses, all related to costs of sales and services, amounted to $105,000. 14. Nominal accounts for the year were closed. Journal entry worksheet
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