Journal entry worksheet

A

Record the closing entry.

Note: Enter debits before credits. $\backslash$table$[[$NEWPORT CITY$],[911$ CALL CENTER SPECIAL REVENUE FUND$],[$Statement of Revenues, Expenditures, and Changes in Fund Balance$],[$For the Year Ended December $31,2024],[,\backslash$table$[[911$ Emergency$],[$Services$]]],[$Revenues:$,],[$P$,],[(,],[$P$,],[$Total Revenues,$0],[$Expenditures:$,],[$Current:$,],[,],[,],[,],[$Total Expenditures,$0],[,],[$Net Change in Fund Balance,$],[$Fund Balance, January $1,],[$Fund Balance, December $31,$$$0]]\backslash$table$[[$NEWPORT CITY$],[911$ CALL CENTER SPECIAL REVENUE FUND$],[$Balance Sheet$],[$As of December $31,2024],[,\backslash$table$[[911$ Emergency$],[$Services$]]],[$Assets$],[?,],[?,],[?,],[?,],[$Total Assets,$ $0],[$Liabilities and Fund Balances$],[$Liabilities:$],[+,],[?,],[,],[$Total Liabilities,$0],[$Fund Balances:,$],[,],[?,],[$Total Fund Balances,$0],[$Total Liabilities and Fund Balances,$$0]]$The following transactions relate to Newport City's special revenue fund.

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.

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.

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.

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.

$$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.

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.