Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required: a. Prepare the closing entries for December 31. Debits $ 28,900 52,500 720,000 97,700 503,000 50,500 17,600 40,800 Credits $ 111,000 32,100 50,500 13,300 567,000 5,800 121,900 628,900 19,500 $1,530,500 $1,530,500 b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)
Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Required: a. Prepare the closing entries for December 31. Debits $ 28,900 52,500 720,000 97,700 503,000 50,500 17,600 40,800 Credits $ 111,000 32,100 50,500 13,300 567,000 5,800 121,900 628,900 19,500 $1,530,500 $1,530,500 b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Required information
[The following information applies to the questions displayed below.]
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of
its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation.
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue.
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Required A
<
Required B Required C
View transaction list
Journal entry
worksheet
1
Complete this question by entering your answers in the tabs below.
Note: Enter debits before credits.
$
Date
December 31
Debits
Record entry
28,900
Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital
assets and there are no restricted assets.)
General Journal
52,500
Clear entry
720,000
97,700
503,000
50,500
17,600
40,800
Prepare the closing entries for December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the
first account field.)
Record the closing entry for Village of Seaside Pines, Enterprise Fund.
Credits
$ 111,000
32,100
50,500
13,300
19,500
$1,530,500 $1,530,500
Debit
567,000
5,800
121,900
628,900
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbfcf1573-4098-4fdf-aa4e-888c4fa834cc%2Fb791640f-3787-40b4-a436-c5e7e6e77559%2F8pkexiu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1
Part 1 of 2
-
eBook
Print
7
References
Required information
[The following information applies to the questions displayed below.]
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of
its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.
Accounts payable
Accounts receivable
Accrued interest payable
Accumulated depreciation.
Administrative and selling expenses
Allowance for uncollectible accounts
Capital assets
Cash
Charges for sales and services
Cost of sales and services
Depreciation expense
Due from General Fund
Interest expense
Interest revenue.
Transfer in from General Fund
Bank note payable
Supplies inventory
Totals
Required A
<
Required B Required C
View transaction list
Journal entry
worksheet
1
Complete this question by entering your answers in the tabs below.
Note: Enter debits before credits.
$
Date
December 31
Debits
Record entry
28,900
Required:
a. Prepare the closing entries for December 31.
b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital
assets and there are no restricted assets.)
General Journal
52,500
Clear entry
720,000
97,700
503,000
50,500
17,600
40,800
Prepare the closing entries for December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the
first account field.)
Record the closing entry for Village of Seaside Pines, Enterprise Fund.
Credits
$ 111,000
32,100
50,500
13,300
19,500
$1,530,500 $1,530,500
Debit
567,000
5,800
121,900
628,900
Credit
View general journal
>
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