Question

Presented on the following page is the adjusted trial balance for the Water Enterprise Fund of the City of Whitt at December 31, 2013, the end of the fiscal year. Based on this information,
				Prepare the entry necessary to close the accounts
City of Whitt
Water Enterprise Fund
Adjusted Trial Balance
December 31, 2013
Cash and cash equivalents	890,430
Cash, restricted	47,500
Investments	2,037,000
Due from other funds	595,000
Land	976,000
Machinery and equipment	2,264,000
Accumulated depreciation, machinery and equipment		1,840,000
Buildings	2,058,000
Accumulated depreciation, buildings		933,000
Accounts payable		398,250
Revenue bonds payable, current portion		50,000
Revenue bonds payable, noncurrent portion		1,650,000
Net position		4,087,000
Revenues - charges for services		3,608,000
Revenues - other		31,520
Operating expenses - purchase of water	2,389,000
Operating expenses - materials and supplies	276,000
Operating expenses - personal services	827,195
Operating expenses - depreciation	253,000
Nonoperating revenues-investment revenues		29,680
Nonoperating expenses-interest	14,325
	12,627,450	12,627,450

Answer 1

The following table shows the entry necessary to close the accounts: Revenues-charged for services $3,608,oool Revenues - other $ 61,200 Nonoperating elemes - investment revenues & 29,680 Nonoperating expenses interest $ 14, 235 Net assets $ 32,080 Operating expenses - Purchase of water I $2,389,000 Operating expenses - materials and supplies $ 276,000 Operating expenses - Personal services $827,195 Perating expenses - depreciation $253,000