6C 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 Debits Credits Cash $ 32,000 Due from Other Funds 27,000 Materials and Supplies 27,500 Land 18,000 Buildings 80,000 Accumulated DepreciationBuildings $ 28,000 Equipment 46,000 Accumulated DepreciationEquipment 25,000 Accounts Payable 19,000 Advance from Water Utility Fund 30,000 Net Position 128,500 Totals $ 230,500 $ 230,500 Required 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 (3) 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 $46,400 were issued to the Water Utility Fund These funds were charged based on the previously determined markup ($ 313,200 to General Fund and 58,000 to the Water Utility Fund) (6) Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows Purchasing, $16,200 Warehousing, $16,900 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 Utility Fund in the amount of $50,000 (8) Accounts payable were paid in the amount of $367,500 (9) Depreciation in the amount of $8,400 was recorded for buildings and $6,200 for equipment b Post the entries to the Stores and Service Fund ledger (t accounts) c Prepare and post an entry closing all nominal accounts to Net position Compute the balance in the Net Position accounts, assuming there are no Restricted Net Position (I need the T Account)

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6C. Part 1 . Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of

6C. 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:

	Debits		Credits
Cash	$	32,000
Due from Other Funds		27,000
Materials and Supplies		27,500
Land		18,000
Buildings		80,000
Accumulated DepreciationBuildings			$	28,000
Equipment		46,000
Accumulated DepreciationEquipment				25,000
Accounts Payable				19,000
Advance from Water Utility Fund				30,000
Net Position				128,500
Totals	$	230,500	$	230,500

Required: 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.
(3) 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 $46,400 were issued to the Water Utility Fund. These funds were charged based on the previously determined markup ($ 313,200 to General Fund and 58,000 to the Water Utility Fund).
(6) Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Purchasing, $16,200; Warehousing, $16,900; 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 Utility Fund in the amount of $50,000.
(8) Accounts payable were paid in the amount of $367,500.
(9) Depreciation in the amount of $8,400 was recorded for buildings and $6,200 for equipment.

b. Post the entries to the Stores and Service Fund ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. Compute the balance in the Net Position accounts, assuming there are no Restricted Net Position.

(I need the T Account)