government not for profit accounting.

Project Description:

the water utility fund of cook city provides water and sewer services for the entire city. for the following summarized transactions for the year ended june 30,
a) provide the fund level journal entries and
b) prepare a statement of revenue, expense, and change in fund net assets.

1) billing to nongovernmental customers amounted to $60,000, and billing to the city general fund amounts to $6,000, and all revenues from sale of water.
2) bills for materials and suppliers at cost of $50,000 were received and recorded as payables.
3) materials and supplier used to provide services amounted to were $48,000.
4) liabilities for administrative expenses were recorded in the amount of $5,000.
5) accounts receivable collections totaled $50,000 from nongovernmental customers and $5,000 from the general fund.
6) write off uncollectible customer accounts receivable in the amount of $3,000.
7) received a transfer from the city’s general fund in the amount of $2,000.
8) depreciation expense of $8,000 was recorded for the year.
9) the allowance for uncollectible accounts was increased $5,000 for the year.
10) paid accounts payables $45,000.
11) operating statement accounts were closed for the year (including the reclassification of net assets)
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Price Type: Negotiable

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