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The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the reglstration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year. 1. At the beginning of 2020 , the program had unrestricted cash of $38,000. 2. The loan from the bank is clated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 2. The loan from the bank is dated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1, 2020 . 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful ife of five years (straight-line basis-use monthly depreciation) 4. All invoices and salaries related to 2020 had been paid by close of business on December 31 , except for the empioyer's portion of December payroll taxes, totaling $2,700 Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund NeA osition assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entr Required " in the first account field.) Req A Net Position Req B Fund Balance > CITY OF EVANSVILLE SUMMER CAMP SPECIAL REVENUE FUND Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended December 31, 2020 Revenues: \begin{tabular}{|l|r|} \hline Wages Expenditures \\ \hline Payroll Taxes Expenditures \\ \hline Insurance Expenditures & 80,400 \\ \hline Debt Service-Interest & 10,700 \\ \hline Capital & 7,700 \\ \hline \multicolumn{1}{|c|}{ Total Expenditures } & \\ \hline Excess (Deficiency) of Revenues Over Expenditures & 41,040 \\ \hline Other Financing Sources: & \\ \hline Debt Proceeds & \\ \hline & \\ \hline Increase in Fund Balance & \\ \hline Fund Balance, January 1 & \\ \hline Fund Balance, December 31 & \\ \hline \end{tabular} The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program's bank account for the year: 1. At the beginning of 2020 , the program had unrestricted cash of $38,000. 2. The loan from the bank is dated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1,2020 . 3. The bus was purchased on Aprill 1 with the proceeds provided by the bank loan and has an estimated useful life of five years. (straiaht-line basis-use monthiv deoreciation). 2. The Ioan from the bank is dated April 1 and is for a five-year period. Interest ( 6 percent annual rate) is paid on October 1 and April 1 of each year, beginning October 1,2020 3. The bus was purchased on April 1 with the proceeds provided by the bank loan and has an estimated useful life of five years (straight-line basis-use monthly depreciation). 4. All invoices and salaries related to 2020 had been paid by close of business on December 31, except for the employer's portion of December payroll taxes, totaling $2700 Required: a. Prepare the journal entries, closing entries, and a Statement of Revenues, Expenses, and Changes in Fund Net Position assuming the City intends to treat the summer camp program as an enterprise fund. b. Prepare the journal entries, closing entries, and a Statement of Revenues. Expenditures, and Changes in Fund Balance assuming the City intends to treat the summer camp program as a special revenue fund. Complete this question by entering your answers in the tabs below. Prepare the joumal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry for revenue received in cash. Note: Enter debits before credits. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position ass summer camp program as an enterprise fund. (Deductions should be entered as a ne \begin{tabular}{|l|r|} \hline Operating Expenses: \\ \hline Wages Expense & 80,400 \\ \hline Payroll Taxes Expense & 10,700 \\ \hline Insurance Expense & 7,700 \\ \hline Depreciation Expense & 77,000 \\ \hline & \\ \hline Total Operating Expenses & \\ \hline Operating Income & 175,800 \\ \hline Nonoperating Income (Expenses): & (33,800) \\ \hline Interest Expense & 2,040 \\ \hline \hline Total Nonoperating Income (Expenses) & \\ \hline Change in Net Position & (31,760) \\ \hline Net Position - Beginning of Year & \\ \hline Net Position - End of Year & (31,760) \\ \hline \end{tabular} Prepare the journal entries including closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" the first account field.) Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance assuming the City intends summer camp program as a special revenue fund. (Deductions should be entered as a negative amount.)

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