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The Town of Weston has a Water Utility Fund with the following trial balance as of July $1,2023,$ the first day of the fiscal year:

Debits Credits

Cash $ $335,000$

Customer accounts receivable $203,000$

Allowance for uncollectible accounts $ $30,500$

Materials and supplies $122,000$

Restricted assets $($cash$)254,000$

Utility plant in service $7,005,000$

Accumulated depreciation$$utility plant $2,605,000$

Construction work in progress $105,000$

Accounts payable $106,000$

Accrued expenses payable $98,800$

Revenue bonds payable $3,505,000$

Net position $1,678,700$

Totals $ $8,024,000$ $ $8,024,000$

During the year ended June $30,2024,$ the following transactions and events occurred in the Town of Weston Water Utility Fund:

Accrued expenses at July $1$ were paid in cash.

Billings to nongovernmental customers for water usage for the year amounted to $$1,385,000$; billings to the General Fund amounted to $$111,000.$

Liabilities for the following were recorded during the year:

Materials and supplies $ $190,000$

Costs of sales and services $364,000$

Administrative expenses $205,000$

Construction work in progress $224,000$

Materials and supplies were used in the amount of $$280,000,$ all for costs of sales and services.

After collection efforts were unsuccessful, $$14,300$ of old accounts receivable were written off.

Accounts receivable collections totaled $$1,493,200$ from nongovernmental customers and $$49,300$ from the General Fund.

$$1,054,200$ of accounts payable were paid in cash.

One year$$s interest in the amount of $$178,300$ was paid.

Construction was completed on plant assets costing $$254,000$; that amount was transferred to Utility Plant in Service.

Depreciation was recorded in the amount of $$264,100.$

The Allowance for Uncollectible Accounts was increased by $$10,000.$

As required by the loan agreement, cash in the amount of $$105,000$ was transferred to Restricted Assets for eventual redemption of the bonds.

Accrued expenses, all related to costs of sales and services, amounted to $$93,000.$

Nominal accounts for the year were closed.

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