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. (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. (2) The amount due from other funds as of January 1, 2020, was collected in full.

3. (3) During the year, supplies were ordered and received in the amount of $312,000. This amount was posted to accounts payable.

4. (4) $15,000 of the advance from the Water Utility Fund, originally provided for construction, was repaid. No interest is charged.

5. (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. (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. (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. (8) Accounts payable were paid in the amount of $367,500.

9. (9) Depreciation in the amount of $8,400 was recorded for buildings and $6,200 for equipment.

*** I need help with the closing entries ONLY

1 Record the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year. Record the amount due from other funds as of January 1, 2020, was collected in full. 3 Record the during the year, supplies were ordered and received in the amount of $312,000. This amount was posted to accounts payable. Record the $15,000 of the advance from the Water Utility Fund, originally provided for construction, was repaid. No interest is charged. 5 Record the internal sale of the supplies throughout the year in the amount of $250,560 to the General Fund, and $46,400 issued to the Water Utility Fund. 6 Record the entry to show the previously determined markup ($313,200 to General Fund and $58,000 to the Water Utility Fund). 7 Record the entry to show the 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. * Record the entry to show the 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. Record the entry to show the accounts payable were paid in the amount of $367,500. 10 Record the entry to show the depreciation in the amount of $8,400 was recorded for buildings and $6,200 for equipment. Record the closing entries to determine the net position. No Transaction General Journal Debit Credit 1 01 No Journal Entry Required 2 02 27,000 Cash Due from Other Funds 27,000 3 03 312,000 Materials and Supplies Accounts Payable > 312,000 4 04 15,000 Advance from Water Utility Fund Cash 00 15,000 5 5a Operating Expenses Costs of Sales & Services 296,960 Materials and Supplies 296,960 6 5b 371,200 Due from Other Funds Operating Revenues-Charges for Sales & Services 371.200 7 06 Operating Expenses-Costs of Sales & Services Operating Expenses-Administration Accounts Payable 50,600 8,000 58,600 8 07 Cash 360,000 Due from Other Funds 360,000 9 08 Accounts Payable 367,500 00 Cash 367,500 10 09 14,600 Operating Expenses-Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation Equipment 8,400 6,200 11 CI. No Journal Entry Required