Question

The following transactions relate to Newport City's special revenue fund. 1. In 2020, 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. 2. During the first year of operations, revenues from the newly imposed tax totaled $502,500. Of this amount, $452,250 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. 3. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $447,000 of this amount, $417945 was paid before year-end. 4. During the year the state government awarded Newport City a grant to reimburse the City's costs (not to exceed $163,500) for the purpose of training new 911 operators. During the year, the City paid $155,325 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government 5. $146,825 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. Reg A1 Reg A2 Reg B Reg < Prey 5 of 5 il Nox o search

Answer 1

Newport City's Special Revenue fund Journal (All figures in 4) Particulars 14 Ол Cash alk bro 452250 Tax Receivables alc Dr. 50250 To Tax Revenue all 5.02.500 (Being retenue earned in cash and balance is recevables Duo 4,47,00 Salaries al To cash . 417945 24055 To Salary Payables (Being salary expense paid on cash and balance are payable pro ISS,325 To Cash liss, 325 155325 macao D10 155325 Toraining Expenser Bring haining esperies baud in court) State Gronennent To Reimbursement (Tricone) all (Being se civable pom sine gommune as reimbursement of tarming exp Cash ale 146825 To stake ( (Being cash against swmbwrderung hobined porn stale gourmand Di 146825 government

Tax Revenue ak Reimbursement calc 502500 155325 pr to training all 4,4 havo 1,55,325 55,500 To Salory ale To fund balance ) ( Being closing enhyo (balancing tigrere Parb (b) Revenue ! Ex benieurs Statement & Changes in Rund Balance Particulars $ $ Revenue Tax Revenue SOR 500 Reimburlemone 195325 657825 Expenses Salary Training 447000 155325 602325 Exces of Revenul over expenditue 155500 fund NGU opening Gund 55,500 Closing

Part (c) New Port city Balance sheet 2020 Particulars $ Assets Cash (EN) State Goverment WNO Taxes Recivables WN) 25,805 3500 so250 845ss Total fund (WNB) Salary Payable (WNS) ssisoo 29,055 84555 Total (+) Salary & Traming WHO cash balance opening leesgas Nil Al Tax Revenue 452250 Reimburere 146825 (47000) (417945) (1553254 25805 closing Он б Steele Reenable 155325 - Recived (146825) 8500 Taxes Reeivable S02s0D Reened 452250 S०२(1) W MO Fund calculated in parte, WNO Tares Rceivable closing

Won Salary Payably Salary I paid d Payable 44zo00 ( (41zaur 2905 Please give positive seating, if my answen was helpful