1 Sloped 6-C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2020: eBook P Cash Due from Other Funds Materials and Supplies Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Advance from Mater Utility Fund Net Position Totals Required: Debits $ 32,000 Credits 27,000 27,500 18,000 80,000 $ 28,000. 46,000 25,000 19,000 30,000 128,500 $230,500 $230,500 a Record the following transactions in the general journal of the City of Monroe Stores and Service Fund. (1) A budget was prepared for FY 2020. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year (2) The amount due from other funds as of January 1, 2020, was collected in full. During the year, supplies were ordered and received in the amount of $312,000. This amount was posted to accounts payable (4) $15,000 of the advance from the Water Utility Fund, originally provided for construction, was repaid. No interest is charged 5) During the year, supplies costing $250.560 were issued to the General Fund, and supplies costing $46,400 were issued to the Water Utility Fund. These funds were charged based on the previously determined markup (5 313,200 10 General Fund and 58.000 to the Water Utility Fund (0) Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Purchasing, $10,200. Warehousing, $16,000, Delivery, $17,500, and Administrative, $8,000 7) Cash was received from the General Fund in the amount of $310,000 and from the Water Unity Fund in the amount of $50,000 Accounts payable were paid us the amount of $367.500 (9) Depreciation in the amount of $400 was recorded for buildings and $6,200 for equipment. b Post the entries to the Stores and Service Fund ledger accounts) Prepare and post an entry closing at nominal accounts to Net position Compute the balance in the Not Position accounts assuming there are no estricted Net Posin Search Prev DRALL Naist