a-2

The City of Townsend's city council authorized the establishment of an internal service fund to provide human resource services to city departments The following transactions took place in the Inaugural month of Townsend's Human Resource internal service fund: 1 The General Fund transferred S100,000 to cover initial expenses. The transfer is not expected to be repaid 2 The Human Resources Fund entered into a 2.year computer lease with an initial $5,000 payment. The present value of the remaining payments is 582 218, 3. Salaries and wages paid to employees totaled $15,000, 4. office supplies were purchased on account for $2,500 5. Bilingu totaling $3,000 were received from the enterprise fund for utility charges 6. Billings to other departments for services provided to them were as follows General Fund Special Revenue Fund 516,000 4,700 7 Closing entries were prepared Required 1. Assume all expenses at the government-wide level are charged to the General Government function Prepare joumal entries to record all of the transactions for this period in the Human Resource Fund accounts and in the governmental activities accounts -2. Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry) Complete this question by entering your answers in the tabs below. Rega1 Rega2