The following transactions relate to Newport City’s special revenue fund

The following transactions relate to Newport City’s special revenue fund.

1. In 2012, 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 $450,000. Of this amount, $380,000 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 $370,000. Of this amount, $320,000 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 $150,000) for the purpose of
   training new 911 operators. During the year, the City paid $147,500 (not
   reflected in the expenditures above) to train new operators for the 911
   emergency 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 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.
   4–10. Assume at the beginning of 2012, the Ashlawn Village Street and Highway

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