131.The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor the children and pay the registration fee. The...

131.The Village of Watkins Glenn operated an educational program for at-risk middle school children. Businesses and nonprofit organizations sponsor the children and pay the registration fee.

The following cash receipts were collected:

Registration240,000

Cash loan from bank 49,000

The following cash disbursements were made:

Payroll taxes 20,250

Labor 70,900

Insurance 8,650

Interest 2.300

Purchase school bus67,000

Required:

A.Prepare the journal entries to record revenues and disbursements if the city treats the program as an enterprise fund

B.Prepare the journal entries to record revenues and disbursements if the city treats the program as a special revenue fund