Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $80,400 15,500 518,000 12,300 113,600 $739,000 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500; collections were $432.100. 2. A loan of $25,900 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330.000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were paid. 5. Adjusting entries were as follows: estimated uncollectible accounts receivable. $8,200; depreciation expense, $32,200, and supplies expense. $15,300 Required: a Prepare entries for the MUD enterprise fund for 20X1 and closing entries. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Debit $ 93,300 26,200 9,600 120,700 490,000 Cash Accounts Receivable Inventory of Supplies Land Plant and Equipment Accumulated Depreciation Vouchers Payable Bonds Payable, 5% Net Position: Invested in Capital Assets, Net of Related Debt Unrestricted Total $739,800 Credit $80,400 15,500 518,000 12,300 113,600 $739,000 Additional Information for 20X1: 1. Charges to customers for water and gas were $420,500; collections were $432.100. 2. A loan of $25,900 for two years was received from the general fund. 3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid. 4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330.000, and interest expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were paid. 5. Adjusting entries were as follows: estimated uncollectible accounts receivable. $8,200; depreciation expense, $32,200, and supplies expense. $15,300 Required: a Prepare entries for the MUD enterprise fund for 20X1 and closing entries. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows:
Debit
$ 93,300
26,200
9,600
120,700
490,000
Cash
Accounts Receivable
Inventory of Supplies
Land
Plant and Equipment
Accumulated Depreciation
Vouchers Payable
Bonds Payable, 5%
Net Position:
Invested in Capital Assets, Net of Related Debt
Unrestricted
Total
$739,800
Credit
$ 80,400
15,500
518,000
12,300
113,600
$739,800
Additional Information for 20X1:
1. Charges to customers for water and gas were $420,500, collections were $432.100.
2. A loan of $25,900 for two years was received from the general fund.
3. The water and gas lines were extended to a new development at a cost of $76,200. The contractor was paid.
4. Supplies were acquired from central stores (internal service fund) for $13,700. Operating expenses were $330,000, and interest
expense was $25,900. Payment was made for the interest and the payable to central stores, and $325,400 of the vouchers were
pald.
5. Adjusting entries were as follows: estimated uncollectible accounts receivable. $8,200; depreciation expense, $32.200; and
supplies expense. $15,300
Required:
a. Prepare entries for the MUD enterprise fund for 20X1 and closing entries. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field.)
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