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Do chegg experts even help anymore lol Washington City created an Information Technology department four years ago to centralize information technology (IT) functions for the
Do chegg experts even help anymore lol
Washington City created an Information Technology department four years ago to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid duplication of efforts, and provide up to date technology to all of the city's operations. The fund was designed to be self-supporting that is all costs are to be recovered through user fees, but any excess of fees over expenses should be less than 4 percent. The preclosing trial balance for the IT department as of last year, is shown below. Cash Due from other Funds Materials and Supplies Inventory Machinery and Equipment Accumulated Depreciation Accounts Payable Due to Federal Government Due to Other Funds Net Position-Net Investment in Capital Assets Net Position-Unrestricted Debits Credits (in thousands) $ 14,800 4,550 390 54,34 $ 30,6 2.230 2,200 1,210 23,700 13,100 574,640 574,040 During the current fiscal year ended December 31, the following transactions (summarized in thousands of dollars) occurred 1. Gross employee wages were $59,400, including the employer's share of social security taxes amounting to $4,230. Federal income and social security taxes withheld from that amount totaled $19,320 2. Office expenses in the amount of $3,830 were paid in cash 3. Materials and supplies purchased on account during the year were $8,700. 4. A bill totaling $15,050 was received for utilities provided by Washington City's utility fund. 5. Cash paid to the federal government for payroll taxes was $23,800. 6. Cash paid to the Utility Fund was $14,800. 7. Accounts payable at year-end totaled $3,050. 8. Materials and supplies used during the year were $8,540 9. Charges to departments during the fiscal year were as follows: General Fund Special Revenue Fund $59,500 21,200 10. Unpaid balances at year-end were: General Fund Special Revenue Fund $ 3,660 1,900 11. The depreciation for the year was $6,200. 12. Revenue and expense accounts for the year were closed. Required a-1. Prepare journal entries for the Information Technology Fund for the current year ended December 31 (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.) Journal entry worksheet Record the $3,830 Office expenses paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 View general journal Record entry Clear entry Journal entry worksheet Record the $23,800 payroll taxes paid to federal government. Note: Enter debits before credits. Transaction General Journal Debit Credit 5 Record entry Clear entry View general journal Journal entry worksheet Record the $14,800 payment to the Utility Fund. Note: Enter debits before credits. Transaction General Journal Debit Credit 6 View general journal Clear entry Record entry Journal entry worksheet MORE Record the payment of cash if accounts payable at year end totaled $3,050. Note: Enter debits before credits. General Journal Debit Credit Transaction 7 View general journal Clear entry Record entry Journal entry worksheet AB DE F G H K ..... - Record the $8,540 materials and supplies used during the year. Note: Enter debits before credits. General Journal Debit Credit Transaction 8 View general journal Clear entry Record entry Journal entry worksheet Step by Step Solution
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