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, 2015:

Debits Credits

Cash $31,000

Due from other funds 27,000

Inventory of supplies 27,500

Land 18,000

Buildings 84,000

Accumulated depreciationbuildings $33,000

Equipment 46,000 Accumulated depreciationequipment 25,000

Accounts payable 19,000

Advance from water utility fund 30,000

Net assets 126,500

Totals $233,500 $233,500

Required: a. Open a general journal for the City of Monroe Stores and Service Fund and record the following transactions.

(1) A budget was prepared for FY 2015. 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.