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The following transactions relate to Newport City's special revenue fund. 1. In 2020 , Newport City created a speclal 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 $517,500. Of this amount, $465,750 has been recelved In cash and the remalnder will be recelved within 60 days of the end of the fiscal year. 3. Expenditures (salarles) Incurred through the operation of the 911 emergency call center totaled $459,000. Of this amount, $429,165 was pald before year-end. 4. During the year the state government awarded Newport City a grant to relmburse the City's costs (not to exceed $172,500 ) for the purpose of tralning new 911 operators. During the year, the City pald $163,875 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5 . $152,375 of the amount billed to the State had been recelved by year-end. Required: a. Prepare the journal entrles for the above transactions. It is not necessary to use control accounts and subsidlary 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 commltted or assigned net resources. Complete this question by entering your answers in the tabs below. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The following transactions relate to Newport City's special revenue fund. 1. In 2020 , Newport City created a speclal 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 $517,500. Of this amount, $465,750 has been recelved In cash and the remalnder will be recelved within 60 days of the end of the fiscal year. 3. Expenditures (salarles) Incurred through the operation of the 911 emergency call center totaled $459,000. Of this amount, $429,165 was pald before year-end. 4. During the year the state government awarded Newport City a grant to relmburse the City's costs (not to exceed $172,500 ) for the purpose of tralning new 911 operators. During the year, the City pald $163,875 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government. 5 . $152,375 of the amount billed to the State had been recelved by year-end. Required: a. Prepare the journal entrles for the above transactions. It is not necessary to use control accounts and subsidlary 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 commltted or assigned net resources. Complete this question by entering your answers in the tabs below. Prepare the journal entries for the above transactions. It is not necessary to use control accounts and subsidiary ledgers. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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