The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000
The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal
year:
Debits
Credits
Cash
$220,000
Customer accounts receivable
200,000
Allowance for uncollectible accounts
$27,000
Materials and supplies
120,000
Restricted assets (cash)
280,000
Utility plant in service
7,000,000
Accumulated depreciation-utility plant
2,600,000
Construction work in progress
180,000
Accounts payable
120,000
Accrued expenses payable
78,000
Revenue bonds payable
3,600,000
Net position
Totals
1,575,000
$8,000,000
$8,000,000
During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility.
Fund:
1. Accrued expenses at July 1 were paid in cash.
2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General
Fund amounted to $96,000.
3. Liabilities for the following were recorded during the year:
Materials and supplies
Costs of sales and services
Administrative expenses
$182,000
345,000
202,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F726a3358-b6dc-45ff-9aa0-e713044f676d%2F2e2c2717-0390-49fb-842c-234ae79e9e08%2Ftnlmcf8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal
year:
Debits
Credits
Cash
$220,000
Customer accounts receivable
200,000
Allowance for uncollectible accounts
$27,000
Materials and supplies
120,000
Restricted assets (cash)
280,000
Utility plant in service
7,000,000
Accumulated depreciation-utility plant
2,600,000
Construction work in progress
180,000
Accounts payable
120,000
Accrued expenses payable
78,000
Revenue bonds payable
3,600,000
Net position
Totals
1,575,000
$8,000,000
$8,000,000
During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility.
Fund:
1. Accrued expenses at July 1 were paid in cash.
2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General
Fund amounted to $96,000.
3. Liabilities for the following were recorded during the year:
Materials and supplies
Costs of sales and services
Administrative expenses
$182,000
345,000
202,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 1 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education