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:

	Debits			Credits
Cash	$	345,000
Customer accounts receivable		209,000
Allowance for uncollectible accounts				$	31,500
Materials and supplies		128,800
Restricted assets (cash)		263,000
Utility plant in service		7,023,000
Accumulated depreciationutility plant					2,623,000
Construction work in progress		115,000
Accounts payable					138,000
Accrued expenses payable					91,000
Revenue bonds payable					3,523,000
Net position					1,677,300
Totals	$	8,083,800		$	8,083,800

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 $1,453,000; billings to the General Fund amounted to $121,000.
3. Liabilities for the following were recorded during the year:

Materials and supplies	$	208,000
Costs of sales and services		382,000
Administrative expenses		214,000
Construction work in progress		233,000

4. Materials and supplies were used in the amount of $305,000, all for costs of sales and services.
5. After collection efforts were unsuccessful, $15,200 of old accounts receivable were written off.
6. Accounts receivable collections totaled $1,541,000 from nongovernmental customers and $52,000 from the General Fund.
7. $1,111,800 of accounts payable were paid in cash.
8. One years interest in the amount of $188,200 was paid.
9. Construction was completed on plant assets costing $263,000; that amount was transferred to Utility Plant in Service.
10. Depreciation was recorded in the amount of $273,100.
11. The Allowance for Uncollectible Accounts was increased by $13,000.
12. As required by the loan agreement, cash in the amount of $115,000 was transferred to Restricted Assets for eventual redemption of the bonds.
13. Accrued expenses, all related to costs of sales and services, amounted to $111,000.
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.

No Transaction General Journal Debit Credit 1 1 Accrued Expenses Payable 91,000 Cash 91,000 2 2 Customer Accounts Receivable 1,453,000 Due From Other Funds 121,000 Operating Revenues-Charges for Sales 1,574,000 3 3 208,000 382,000 Materials and Supplies Operating Expenses-Costs of Sales Operating Expenses-Administrative Construction Work in Progress Accounts Payable 214,000 233,000 1,037,000 4 4 Operating Expenses-Costs of Sales 305,000 Materials and Supplies 305,000 5 5 Allowance for Uncollectible Accounts 15,200 Customer Accounts Receivable 15,200 6 6 Cash 1,593,000 Customer Accounts Receivable 1,541,000 Due From Other Funds 52,000 7 7 Accounts Payable 1,111,800 Cash 1,111,800 8 8 Nonoperating Expenses Interest 188,200 Cash 188,200 9 9 Utility Plant in Service 263,000 Construction Work in Progress 263,000 10 10 273,100 Operating Expenses-Depreciation Accumulated Depreciation 273,100 11 11 Operating RevenuesCharges for Sales 13,000 Allowance for Uncollectible Accounts 13,000 12 12 Restricted Assets 115,000 Cash 115,000 13 13 Operating Expenses-Costs of Sales 111,000 Accrued Expenses Payable 111,000 14 14 798,000 Operating Revenues-Charges for Sales Operating Expenses-Costs of Sales Operating Expenses-Administrative Operating Expenses-Depreciation 214,000 273,100 188,200 Nonoperating ExpensesInterest Net Position 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 RevenuesCharges for Sales Total Revenues 0 798,000 Operating Expenses: Costs of Sales Administrative Expenses Depreciation Expenses 214,000 273,100 1,285,100 (1,285,100) Total Operating Expenses Operating Income Nonoperating Income (Expenses): Interest Expense (188,200) (188,200) (1,473,300) Total Nonoperating (Expense) Change in Net Position Net Position - Beginning of Year Net Position - End of Year $ (1,473,300) TOWN OF WESTON WATER UTILITY FUND 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 Total Current Assets 0 Noncurrent Assets: Restricted Assets Utility Plant in Service Less: Accumulated Depreciation Construction Work in Progress Total Assets 0 Liabilities and Fund Equity Liabilities Current Liabilities: Accounts Payable Accrued Expenses Payable Total Current Liabilities 0 Noncurrent Liabilities: Revenue Bonds Payable Total Liabilities 0 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position 0 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: Cash Received from Customers Cash Paid to Suppliers 0 Net Cash Provided by Operating Activities Cash Flows from Noncapital Financing Activities: Cash Flows from Capital and Related Financing Activities: Interest Paid on Long-Term Debt Acquisition of Capital Assets 0 Net Cash Used for Capital and Related Financing Activities Cash Flows from Investing Activities: Net Increase in Cash and Cash Equivalents 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