The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Statement of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year.

1. At the beginning of 2012, the program had unrestricted cash of $12,000.

2. The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2012.
3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of 5 years (straight line basis'use monthly depreciation).
4. All invoices and salaries related to 2012 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $900.
a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Assets assuming the City intends to treat the summer camp program as an enterprise fund.
b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenuefund.

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Cash Basis 12 months Cash recei Registration fees Borrowing from banlk $127,000 45,000 172,000 Total deposits Cash disbursements: Payroll taxes 10,250 81,575 6,000 55,000 1,350 154,175 17,825 Insurance (paid monthly) Purchase of bus Interest on bank note Total checks Excess of receipts over disbursements