10 Nov The following transactions relate to Newport City’
The following transactions relate to Newport City’s special revenue fund.1. In 2012, Newport City created a special revenue fund to help fund the911 emergency call center. The center is to be funded through a legallyrestricted tax on cellular phones. No budget is recorded.2. During the first year of operations, revenues from the newly imposed taxtotaled $450,000. Of this amount, $380,000 has been received in cashand the remainder will be received within 60 days of the end of the fiscalyear.3. Expenditures (salaries) incurred through the operation of the 911 emergencycall center totaled $370,000. Of this amount, $320,000 was paidbefore year-end.4. During the year the state government awarded Newport City a grant toreimburse the City’s costs (not to exceed $150,000) for the purpose oftraining new 911 operators. During the year, the City paid $147,500 (notreflected in the expenditures above) to train new operators for the 911emergency call center and billed the state government.5. $134,000 of the amount billed to the state had been received by yearend.a. Prepare the journal entries for the above transactions. It is not necessaryto use control accounts and subsidiary ledgers. Prepare Closingentries for year-end.b. Prepare a Statement of Revenues, Expenditures, and Changes in FundBalance for the Special Revenue Fund.c. Prepare a Balance Sheet, assuming there are no committed or assignednet resources.410. Assume at the beginning of 2012, the Ashlawn Village Street and Highway
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