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Return to questo March The County of Maxnell decides to create a sanitation department and offer its services to the public for a fee. As a result, county officials plan to account for this activity within the enterprise funds. Prepare journal entries for this operation for the following 2017 transactions as well as necessary adjusting entries at the end of the year. Assume the information is being gathered to prepare fund financial statements. Only entries for the sanitation department are required here: January 1 Received unrestricted funds of $164,800 from the general fund as permanent financing. Febrauary 1 Borrowed an additional $125,6ee from a local bank at a 12 percent annual interest rate. 1 Ordered a truck at an expected cost of $151,500. April 1 Received the truck and made full payment. The actual cost amounted to $133,000. The truck has a 10-year life and no salvage value. Straight-line depreciation is to be used. May 1 Received a $28,788 cash grant from the state to help supplement the pay of the sanitation workers. The money must be used for that purpose. June 1 Rented a garage for the truck at a cost of $2,250 per month and paid 12 months of rent in advance. July 1 Charged citizens $19,700 for services. Of this amount, $17,008 has been collected. August 1 Made a $1,500 cash payment on the 12 percent note of February 1. This payment covers both interest and September 1 Paid salaries of $25,800 using the grant received on May 1. November 1 Paid additional salaries of $16, 100, first using the rest of the grant money received May 1. December 31 Sent invoices totaling $28,600 to customers for services over the past six months. Collected $3,600 cash December 31 A new landfill was opened this year. It is 12 percent filled as of the end of the year. The estimated current cost for the eventual closure of this facility is $3 million although no payments will be made for approximately 9 years. Make journal entries for this operation for the above 2017 transactions as well as necessary adjusting entries at the end of the year. (If no entry is required for a transactjon/event, select "No Joumal entry required" in the first account field. Enter your answers in whole dollars and not in millions.) Answer is not complete. No Date General Journal Debit Credit 1 01/01/2017 Cash Capital contributions 164,000 164,000 2 02/01/2017 Cash 125,000 Answer is not complete. General Journal Dabit Crecht 1 01/01/2017 164,000 Cash Capital contributions 164,000 2 02/01/2017 125,000 Cash Notes payable 125,000 03/01/2017 No joumal entry required 4 04/01/2017 133,000 Truck Cash 133,000 5 05/01/2017 28,700 Cash Unearned revenue 28.700 6 06/01/2017 Prepaid rent Cash 27,000 27,000 7 07/01/2017 19,700 Accounts receivable Revenues - services OO 19,700 8 07/01/2017 Cash Accounts receivable 17,000 17,000 9 08/01/2017 Interest expense Notes payable OS 7,500 3,000 9 08/01/2017 Interest expense Notes payable Cash 7,500 3,000 10,500 10 09/01/2017 25,800 Salaries expense Cash 25,800 11 09/01/2017 25,800 Unearned revenue Revenue - grant 25,800 12 10/01/2017 Maintenance expense Cash 3,300 OO 3,300 13 11/01/2017 Salaries expense Cash >> 16,100 14 11/01/2017 Unearned revenue Revenue - grant 16,100 Olo 1,280 15 12/31/2017 Accounts receivable Revenues - services 28,600 > 28,600 16 12/31/2017 Cash Accounts receivable 3,600 00 3,600 17 12/31/2017 Interest expense Interest payable 6,100 > 6,100 16 12/31/2017 3,600 Cash Accounts receivable 3,600 17 12/31/2017 6,100 Interest expense Interest payable 6,100 18 12/31/2017 9,975 Depreciation expense Accumulated depreciation 9,975 19 12/31/2017 Rent expense Prepaid rent 15,750 15,750 20 12/31/2017 Expense - landfill closure Landfill closure liability 360,000 360,000 no entry is required for a transaction/event, select "No journal entry required" in the first account fi vhole dollars and not in millions.) View transaction list Journal entry worksheet