1. The Water Uity Fund of Cook City provides water and sewer services for the entire Cily. For the following summarized transactions for the year ended June 30, Prepare the fund level Journal entries and Statement of Revenues, expenses, and change in fund net position. . Biling to nongovemmental customers amounted to S63,000, and biling to the City General Fund amounts to $5.000, and al revenues was trom the sle of water Materials and suppliers were purchased with a cost of $56,000, and recorded as payables 3. Materials and Supplier used to provide services amounted to $49,000. 4. Accounts recelvable colettons totaled S58.000 from nongovernmental customers and $5,000 from the General Fund 5. Received new customer deposit of $3,000. 6. Depreciation expense of 58.000 was recorded for the year. 7. The allowance for uncollectible accounts was increased $5.200 for the year 8. Paid accounts payables $46,000. 9. Operating statement accounits were dosed for the year (including the redassification of rnet assets)

1. The Water Uity Fund of Cook City provides water and sewer services for the entire Cily. For the following summarized transactions for the year ended June 30, Prepare the fund level Journal entries and Statement of Revenues, expenses, and change in fund net position. . Biling to nongovemmental customers amounted to S63,000, and biling to the City General Fund amounts to $5.000, and al revenues was trom the sle of water Materials and suppliers were purchased with a cost of $56,000, and recorded as payables 3. Materials and Supplier used to provide services amounted to $49,000. 4. Accounts recelvable colettons totaled S58.000 from nongovernmental customers and $5,000 from the General Fund 5. Received new customer deposit of $3,000. 6. Depreciation expense of 58.000 was recorded for the year. 7. The allowance for uncollectible accounts was increased $5.200 for the year 8. Paid accounts payables $46,000. 9. Operating statement accounits were dosed for the year (including the redassification of rnet assets)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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