Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

92. The Motor Vehicle Repair Fund of Laramee County provides centralized repair for county-owned vehicles. For the following summarized transactions and events for the year

92. The Motor Vehicle Repair Fund of Laramee County provides centralized repair for county-owned vehicles. For the following summarized transactions and events for the year ended June 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate. 1) The Motor Vehicle Repair Fund ordered supplies at an estimated cost of $92,000. 2) The supplies ordered in (1) above were received at invoice costs of $91,400; these invoices were approved for payment. 3) Supplies costing $800 were used to repair a police car, and the Motor Vehicle Repair Fund billed to the General Fund at a markup of 20 percent on cost. 4) Expenses paid in cash during the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions