The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizationssponsor one or more youth by paying the registration fee for program participants. The following Schedule of CashReceipts and Disbursements summarizes the activity in the program's bank account for the year.At the beginning of 2020, the program had unrestricted cash of $32,000.Cash BasisCash receipts:Registration feesBorrowing from bankTotal depositsCash disbursements:WagesPayroll taxesInsurance (paid monthly)Purchase of busInterest on bank noteTotal checksExcess of receipts over disbursements12 months$ 136,00062,000198,00075,60010,1007,10071,0001,860165,660$ 32,340The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1and April 1 of each year, beginning October 1, 2020.The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of fiveyears (straight-line basis-use monthly depreciation).All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer'sportion of December payroll taxes, totaling $2,100.Required:a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Positionassuming 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 Balanceassuming the City intends to treat the summer camp program as a special revenue fund.

No. General Journal Debit Credit 1 Cash Operating revenue - Charges for services $…

Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position 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 revenue fund.

Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position 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 revenue fund.

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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