2The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. DebitsCreditsAccounts payable $ 108,000Accounts receivable$ 27,400 Accrued interest payable 30,600Accumulated depreciation 49,000Administrative and selling expenses51,000 Allowance for uncollectible accounts 13,000Capital assets714,000 Cash96,800 Charges for sales and services 561,000Cost of sales and services500,000 Depreciation expense49,000 Due from General Fund17,300 Interest expense40,500 Interest revenue 5,300Transfer in from General Fund 117,600Bank note payable 630,400Supplies inventory18,900 Totals$ 1,514,900$ 1,514,900 Required:Prepare the closing entries for December 31.Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.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.)

Closing entries:The entries passed at the end of the accounting period to nullify the temporary…

Answered: The Village of Seaside Pines prepared…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

	Debits	Credits
Accounts payable		$ 108,000
Accounts receivable	$ 27,400
Accrued interest payable		30,600
Accumulated depreciation		49,000
Administrative and selling expenses	51,000
Allowance for uncollectible accounts		13,000
Capital assets	714,000
Cash	96,800
Charges for sales and services		561,000
Cost of sales and services	500,000
Depreciation expense	49,000
Due from General Fund	17,300
Interest expense	40,500
Interest revenue		5,300
Transfer in from General Fund		117,600
Bank note payable		630,400
Supplies inventory	18,900
Totals	$ 1,514,900	$ 1,514,900

Required:

Prepare the closing entries for December 31.
Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31.
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.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions