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d-Contin /Downloads/Continuous Problem City of.Monroe12th edition.pdf 6-C. Part 2. Enterprise Fund Transactions The City of Monroe maintains a Water and Sewer Fund to provide utility services to its citizens. As of January 1, 2015, the City of Monroe Water and Sewer Fund had the following account balances: Debits Credits $105,000 77,000 Cash Customer Accounts Receivable Estimated Uncollectible Accounts Receivable Materials and Supplies Advance to Stores and Services Fund Restricted Assets Water Treatment Plant in Service Construction Work in Progress Accumulated Depreciation - Utility Plant Accounts Payable Revenue Bonds Payable Net Assets $4,000 28,000 30,000 117,000 4,200,000 203,000 1,200,000 97,000 2,500,000 959,000 $4,760,000 $4,760,000 Totals Required a. Open a general journal for the City of Monroe Water and Sewer Utility Fund and record the following transactions. (1) During the year, sales of water to non-government customers amounted to $1,002,000 and sales of water to the General Fund amounted to $37,000. (2) Collections from non-government customers amounted to $962,000. (3) The Stores and Services Fund repaid $15,000 of the long-term advance to the (4) Materials and supplies in the amount of $257,000 were received. A liability in (5) Materials and supplies were issued and were charged to the following accounts: Water and Sewer Fund. that amount was recorded. cost of sales and services, S164,900; selling, $15,000; administration, $18,000; construction work in progress, $50,000 (6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The $450,400 (416,200 +34,200) was distributed as follows: cost of sales and services, $265,800; sales, $43,900; administration, $91,400, construction work in progress, $49,.300. 10 Continuous Proble...dt OLL

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