As of January 1, 2020, the City of Summerhaven began a municipal
bus operation. The adjusted trial
balance below was prepared as of December 31, 2020:
                                                                                                  Debits        Credits
Cash                                                                                 $      45,000      $
Investments                                                                              85,000
Supplies                                                                                    20,000
Restricted
Assets                                                                      30,000
Land                                                                                        100,000
Land
Improvements                                                               200,000
Accumulated Depreciation-Land
Improvements                                             10,000
Building                                                                                   400,000
Accumulated
Depreciation-Building                                                                20,000
Buses                                                                                       500,000
Accumulated
Depreciation-Buses                                                                    50,000
Accounts
Payable                                                                                             45,000
Salaries
Payable                                                                                                15,000
Interest
Payable                                                                                                10,000
General Obligation Bonds
Payable                                                               800,000
Other Financing Sources-transfer
in                                                             400,000
Revenues—charges for
services                                                                    360,000
Dividend and interest
income                                                                            10,000
Fuel and Supplies
Expense                                                        60,000
Salaries
Expense                                                                       120,000
Utilities
Expense                                                                           50,000
Depreciation
Expense                                                                 80,000
Interest
Expense                                                                          30,000           _________
Totals                                                                                 $1,720,000       $1,720,000
Additional information:...