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(Solved): The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, ...



The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund.

Debits Credits
Accounts payable $ 113,000
Accounts receivable $ 29,900
Accrued interest payable 33,100
Accumulated depreciation 51,500
Administrative and selling expenses 53,500
Allowance for uncollectible accounts 13,500
Capital assets 724,000
Cash 98,300
Charges for sales and services 571,000
Cost of sales and services 505,000
Depreciation expense 51,500
Due from General Fund 17,800
Interest expense 41,000
Interest revenue 6,000
Transfer in from General Fund 124,100
Bank note payable 628,700
Supplies inventory 19,900
Totals $ 1,540,900 $ 1,540,900

Required:
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.)



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a. Prepare the closing entries for December 31.ABCD1DateAccount titleDebit($)Credit($)2Dec-31Charges for sales and services571,0003Transfer in from ge
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