The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2017, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

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

Transcribed Image Text:

Debits Credits S 100,000 28,000 Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts S 25,000 45,000 47,000 12,000 705,000 90,000 Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense 550,000 492,000 45,000 17,000 40,000 Transfer in from General Fund Revenue bonds payable Supplies inventory 4,000 115,000 625,000 18,000 Totals