The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal
year:
Debits
Credits
Cash
$220,000
Customer accounts receivable
200,000
Allowance for uncollectible accounts
$27,000
Materials and supplies
120,000
Restricted assets (cash)
280,000
Utility plant in service
7,000,000
Accumulated depreciation-utility plant
2,600,000
Construction work in progress
180,000
Accounts payable
120,000
Accrued expenses payable
78,000
Revenue bonds payable
3,600,000
Net position
Totals
1,575,000
$8,000,000
$8,000,000
During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility.
Fund:
1. Accrued expenses at July 1 were paid in cash.
2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General
Fund amounted to $96,000.
3. Liabilities for the following were recorded during the year:
Materials and supplies
Costs of sales and services
Administrative expenses
$182,000
345,000
202,000
Transcribed Image Text:The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2023, the first day of the fiscal year: Debits Credits Cash $220,000 Customer accounts receivable 200,000 Allowance for uncollectible accounts $27,000 Materials and supplies 120,000 Restricted assets (cash) 280,000 Utility plant in service 7,000,000 Accumulated depreciation-utility plant 2,600,000 Construction work in progress 180,000 Accounts payable 120,000 Accrued expenses payable 78,000 Revenue bonds payable 3,600,000 Net position Totals 1,575,000 $8,000,000 $8,000,000 During the year ended June 30, 2024, the following transactions and events occurred in the Town of Weston Water Utility. Fund: 1. Accrued expenses at July 1 were paid in cash. 2. Billings to nongovernmental customers for water usage for the year amounted to $1,372,000; billings to the General Fund amounted to $96,000. 3. Liabilities for the following were recorded during the year: Materials and supplies Costs of sales and services Administrative expenses $182,000 345,000 202,000
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