Listed Below Are Selected Transactions for the Rhea County Garbage $\underline{\text{ Transactions: }}$

question 33

Essay

Listed below are selected transactions for the Rhea County Garbage Service, which is accounted for in an Enterprise Fund. All amounts are in thousands of dollars.
$\underline{\text{ Transactions: }}$
1. Services of $5,000 were provided and billed to outside customers.
2. Services of $750 were provided and billed to the General Fund.
3. $750 was collected from other funds, and $4,000 was collected on account.
4. $20 of accounts receivable were written off as uncollectible.
5. Estimated bad debts for the year were $100.
$\underline{\text{Requirements: }}$
1. Prepare the journal entries required in the Enterprise Fund. If no entry is required, state "No entry required" and explain why.
2. Compute the amount of sales revenues that should be reported for the Enterprise Fund.

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Definitions:

Market

A facility that enables the transaction of various goods, services, and information between purchasers and vendors.

Production Technology

Refers to the methods, equipment, and software used to produce goods and services.

Firms' Costs

The expenses incurred by businesses in the production of goods or services, including labor, materials, and overhead costs.

Quantity Supplied

The extent of a good or service that merchants are willing and have the capacity to offer at a pre-determined price.