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:...