Required information Exercise 7-24 (Algo) Central Station Enterprise Fund (LO 7-5] [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,434 was accrued based upon reservations. 2. Cash in the amount of $90,203 was received on accounts. 3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and utilities, $30,118. 4. The Central Station Fund was awarded a $11,100 grant for historic preservation. All eligibility requirements were met within the year, but the cash had not been received at year-end. The grant is considered operating revenue. 5. The Central Station Fund received a $59,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,517. 7. At the end of the period, nominal accounts were closed.
Required information Exercise 7-24 (Algo) Central Station Enterprise Fund (LO 7-5] [The following information applies to the questions displayed below.] The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and individuals rent space in the building for private events, and the town provides all services related to the operation and maintenance of the building. Following is information related to the fund's operating activities. 1. Rental income of $94,434 was accrued based upon reservations. 2. Cash in the amount of $90,203 was received on accounts. 3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and utilities, $30,118. 4. The Central Station Fund was awarded a $11,100 grant for historic preservation. All eligibility requirements were met within the year, but the cash had not been received at year-end. The grant is considered operating revenue. 5. The Central Station Fund received a $59,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,517. 7. At the end of the period, nominal accounts were closed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Required
a. Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required
transaction/event, select "No Journal Entry Required" in the first account field.)
X Answer is not complete.
No
Transaction
General Journal
Debit
Credit
A
01
Accounts Receivable
94,434
Rental Income
94,434
В
02
Cash
90,203
Accounts Receivable
90,203 V
C
03
Administrative Services Expense
25,203 V
Maintenance and Repairs Expense
72,876 V
Utilities Expense
30,118
Cash
128,197
D
04
Grants Receivable
11,100
Grant Revenue
11,100
E
05
Cash
59,000
Interfund Transfer In
59,000
F
06
Depreciation Expense
3,517
Allowance for Depreciation
3,517
G
07
Rental Income
94,434
Interfund Transfer In
59,000
Grant Revenue
Maintenance and Repairs Expense
72,876 V
Utilities Expense
30,118 V
3,517
25,203 V
Depreciation Expense
Administrative Services Expense
Net Position-Unrestricted
OO 000O0000
![Required information
Exercise 7-24 (Algo) Central Station Enterprise Fund [LO 7-5]
[The following information applies to the questions displayed below.]
The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of
historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term
debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and
individuals rent space in the building for private events, and the town provides all services related to the operation and
maintenance of the building. Following is information related to the fund's operating activities.
1. Rental income of $94,434 was accrued based upon reservations.
2. Cash in the amount of $90,203 was received on accounts.
3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and
utilities, $30,118.
4. The Central Station Fund was awarded a $11,100 grant for historic preservation. All eligibility requirements were met
within the year, but the cash had not been received at year-end. The grant is considered operating revenue.
5. The Central Station Fund received a $59,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,517.
7. At the end of the period, nominal accounts were closed.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fded6db92-57ba-49bd-8e03-f1d0c13456b7%2F2a8bac59-9870-42d3-9404-533965a67e31%2Fzywq4bqb_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 7-24 (Algo) Central Station Enterprise Fund [LO 7-5]
[The following information applies to the questions displayed below.]
The Town of Elizabeth operates an old train station as an enterprise fund. The train station is on the national register of
historic buildings. Because the town has held the building for such a long time, the Central Station Fund has no long-term
debt. The only capital assets recorded by the Central Station Fund are machinery and equipment. Businesses and
individuals rent space in the building for private events, and the town provides all services related to the operation and
maintenance of the building. Following is information related to the fund's operating activities.
1. Rental income of $94,434 was accrued based upon reservations.
2. Cash in the amount of $90,203 was received on accounts.
3. Cash expenses for the period included administrative services, $25,203; maintenance and repairs, $72,876; and
utilities, $30,118.
4. The Central Station Fund was awarded a $11,100 grant for historic preservation. All eligibility requirements were met
within the year, but the cash had not been received at year-end. The grant is considered operating revenue.
5. The Central Station Fund received a $59,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,517.
7. At the end of the period, nominal accounts were closed.
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