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 $94,554 was accrued based upon reservations. 2. Cash in the amount of $90,316 was received on accounts. 3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and utilities, $30,152. 4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,523. 7. At the end of the period, nominal accounts were closed. xercise 7-24 (Algo) Part a equired Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A B < C D Note: Enter debits before credits. Transaction 01 Record entry E Record the $94,554 rental income accrued based upon reservations. General Journal F Clear entry G Debit Credit View general journal >
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 $94,554 was accrued based upon reservations. 2. Cash in the amount of $90,316 was received on accounts. 3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and utilities, $30,152. 4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund. 6. An adjusting entry was made for depreciation of $3,523. 7. At the end of the period, nominal accounts were closed. xercise 7-24 (Algo) Part a equired Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A B < C D Note: Enter debits before credits. Transaction 01 Record entry E Record the $94,554 rental income accrued based upon reservations. General Journal F Clear entry G Debit Credit View general journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please Do not provide Solution in image format and Solve all parts
![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 $94,554 was accrued based upon reservations.
2. Cash in the amount of $90,316 was received on accounts.
3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and
utilities, $30,152.
4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,523.
7. At the end of the period, nominal accounts were closed.
Exercise 7-24 (Algo) Part a
Required
a. Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
A
B C D E F G
Record the $94,554 rental income accrued based upon reservations.
Note: Enter debits before credits.
Transaction
01
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4e1b68e-1e24-401a-8129-00e911f3d2a3%2F80e06367-b090-4f57-a492-b944b9b93f8b%2F94kuqda_processed.jpeg&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 $94,554 was accrued based upon reservations.
2. Cash in the amount of $90,316 was received on accounts.
3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and
utilities, $30,152.
4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,523.
7. At the end of the period, nominal accounts were closed.
Exercise 7-24 (Algo) Part a
Required
a. Prepare general journal entries to record the Central Station Fund's operating activities for the year. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
A
B C D E F G
Record the $94,554 rental income accrued based upon reservations.
Note: Enter debits before credits.
Transaction
01
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
>
![VIIMASE
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 $94,554 was accrued based upon reservations.
2. Cash in the amount of $90,316 was received on accounts.
3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and
utilities, $30,152.
4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,523.
7. At the end of the period, nominal accounts were closed.
Exercise 7-24 (Algo) Parts b & c
b. Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the
period was $60,198.
c. Based on the information provided, does it appear that the Central Station Fund is required to be recognized as an enterprise fund
under GASB standards?
Complete this question by entering your answers in the tabs below.
Req b
Req c
Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of
the period was $60,198.
TOWN OF ELIZABETH
Central Station Fund
Statement of Revenues, Expenses, and Changes in Fund Net Position
For the Year Ended
Operating Revenues:
Gross Margin
Operating Expenses:
Total Operating Expenses
Transfers In
Change in Net Position
Total Net Position, Beginning
Total Net Position, Ending.
<Req b
$
0
0
0
0
0
Req c >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4e1b68e-1e24-401a-8129-00e911f3d2a3%2F80e06367-b090-4f57-a492-b944b9b93f8b%2F5wzylx6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:VIIMASE
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 $94,554 was accrued based upon reservations.
2. Cash in the amount of $90,316 was received on accounts.
3. Cash expenses for the period included administrative services, $25,234; maintenance and repairs, $72,965; and
utilities, $30,152.
4. The Central Station Fund was awarded a $10,700 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 $67,000 transfer of funds from the General Fund.
6. An adjusting entry was made for depreciation of $3,523.
7. At the end of the period, nominal accounts were closed.
Exercise 7-24 (Algo) Parts b & c
b. Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the
period was $60,198.
c. Based on the information provided, does it appear that the Central Station Fund is required to be recognized as an enterprise fund
under GASB standards?
Complete this question by entering your answers in the tabs below.
Req b
Req c
Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of
the period was $60,198.
TOWN OF ELIZABETH
Central Station Fund
Statement of Revenues, Expenses, and Changes in Fund Net Position
For the Year Ended
Operating Revenues:
Gross Margin
Operating Expenses:
Total Operating Expenses
Transfers In
Change in Net Position
Total Net Position, Beginning
Total Net Position, Ending.
<Req b
$
0
0
0
0
0
Req c >
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