The County of Maxnell decides to create a sanitation department and offer its services to the public
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The County of Maxnell decides to create a sanitation department and offer its services to the public for a fee. As a result, county officials plan to account for this activity within the enterprise funds.
Make journal entries for this operation for the following 2010 transactions as well as necessary adjusting entries at the end of the year. Assume that the information is being gathered for fund-based financial statements. Only entries for the sanitation department are required here:
January 1—Received unrestricted funds of $90,000 from the General Fund as permanent financing.
February 1—Borrowed an additional $130,000 from a local bank at a 12 percent annual interest rate.
March 1—Ordered a truck at an expected cost of $108,000.
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