NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues: Total Revenues Expenditures: Current Journal entry worksheet. For the Year Ended December 31, 2024 911 Emergency Services Record the doing entry Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 O T C 10 NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Balance Sheet As of December 31, 2024 Labilities and Fund Balances Fund Balances Tal Labs and Fund Balances 911 Emergency The following transactions relate to Newport City's special revenue fund. 1. In 2024, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $527,500. Of this amount, $474,750 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $467,000. Of this amount, $436,645 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $178,500) for the purpose of training new 911 operators. During the year, the City paid $169,575 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $156,075 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Req C Prepare closing entries for year-end. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list kaushik
NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance Revenues: Total Revenues Expenditures: Current Journal entry worksheet. For the Year Ended December 31, 2024 911 Emergency Services Record the doing entry Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 O T C 10 NEWPORT CITY 911 CALL CENTER SPECIAL REVENUE FUND Balance Sheet As of December 31, 2024 Labilities and Fund Balances Fund Balances Tal Labs and Fund Balances 911 Emergency The following transactions relate to Newport City's special revenue fund. 1. In 2024, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $527,500. Of this amount, $474,750 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $467,000. Of this amount, $436,645 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $178,500) for the purpose of training new 911 operators. During the year, the City paid $169,575 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5. $156,075 of the amount billed to the State had been received by year-end. Required: a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare closing entries for year-end. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund. c. Prepare a Balance Sheet assuming there are no committed or assigned net resources. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Req C Prepare closing entries for year-end. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list kaushik
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:NEWPORT CITY
911 CALL CENTER SPECIAL REVENUE FUND
Statement of Revenues, Expenditures, and Changes in Fund Balance
Revenues:
Total Revenues
Expenditures:
Current
Journal entry worksheet.
For the Year Ended December 31, 2024
911 Emergency
Services
Record the doing entry
Total Expenditures
Net Change in Fund Balance
Fund Balance, January 1
Fund Balance, December 31
O
T
C
10
NEWPORT CITY
911 CALL CENTER SPECIAL REVENUE FUND
Balance Sheet
As of December 31, 2024
Labilities and Fund Balances
Fund Balances
Tal Labs and Fund Balances
911 Emergency
Transcribed Image Text:The following transactions relate to Newport City's special revenue fund.
1. In 2024, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded
through a legally restricted tax on cellular phones. No budget is recorded.
2. During the first year of operations, revenues from the newly imposed tax totaled $527,500. Of this amount, $474,750 has been
received in cash and the remainder will be received within 60 days of the end of the fiscal year.
3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $467,000. Of this amount, $436,645
was paid before year-end.
4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $178,500) for the
purpose of training new 911 operators. During the year, the City paid $169,575 (not reflected in the expenditures above) to train new
operators for the 911 emergency call center and billed the state government.
5. $156,075 of the amount billed to the State had been received by year-end.
Required:
a. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. Prepare
closing entries for year-end.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the special revenue fund.
c. Prepare a Balance Sheet assuming there are no committed or assigned net resources.
Complete this question by entering your answers in the tabs below.
Req A1
Req A2
Req B
Req C
Prepare closing entries for year-end.
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
kaushik
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