ANSWER THE QUESTION IN THE ATTACHED EXCEL FILE!

The city of Merlot operates a central garage through an Internal Service Fund to provide garage space and repairs for all city owned and operated vehicles. The Central Garage Fund was established by a contribution of $500,000 from the General Fund on July 1, 20X7, at which time the building was acquired.The postclosing trial balance at June 30, 20X9, was as follows:

Debit Credit

Cash.............................................................................................................................$150,000

Due from General Fund.................................................................................................20,000

Inventory of Materials and Supplies.............................................................................80,000

Land.................................................................................................................................60,000

Building.........................................................................................................................200,000

Accumulated Depreciation - Building................................................................................................10,000

Machinery and Equipment...........................................................................................56,000

Accumulated Depreciation - Machinery and Equipment.................................................................12,000

Vouchers Payable................................................................................................................................38,000

Net Position........................................................................................................................................506,000

566,000 566,000

The following information applies to the fiscal year ended June 30, 20Y0:

1. Materials and supplies were purchased on account for $74,000.

2. The inventory of materials and supplies at June 30, 20Y0, was $58,000, which agreed with the physical count taken.

3.Salaries and wages paid to employees totaled $230,000, includingrelated costs.

4. A billing from the enterprise fund for utility chargestotaling $30,000 was received and paid.

5. Depreciation of the building was recorded in the amount of $5,000. Depreciation for the machinery and equipment was $8,000.

6. Billings to other departments for services rendered to themwere as follows:

General Fund $262,000

Water and Sewer Fund $84,000

Special Revenue Fund $32,000

7. Unpaid interfund receivable balances of June 30 20Y0 were asfollows:

General Fund $6,000

Special Revenue Fund $16,000

8. Vouchers payable at June 30 20Y0 were $14,000.

Required:

a. For the period July 1 20X9 through June 30 20Y0 preparejournal entries to record all of the transactions in the Central Garage Fund accounts.

b. Prepare closing entries for the central garage fund at June30 20Y0.

Problem 11-4(a) 1 2 3 4 5 6 7 8 Problem 11-4(b) City of Merlot Central Garage Fund Closing Entries June 30, 20X0 Service Revenue Materials and Supplies Expense Personal Service Expense Utility Expense Depreciation Expense - Building Depreciation Expense-Machinery and Equipment Excess of Revenues over Expenses Excess of Revenues over Expenses Net Position