During the current fiscal year, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund: 1. Employees were paid $290,000 wages in cash. 2. Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. The amount had previously been accrued by the Utility Fund. 3. Office expenses paid in cash during the year amounted to $10,500. 4. Service supplies purchased on account during the year totaled $157,500. 5. Parts and supplies used during the year totaled $152,300 (at cost). 6. Charges to departments during the fiscal year were as follows: General Fund Street Fund $ 308,700 279,300 7. Payments to the Utility Fund totaled $21,800. 8. Annual depreciation totaled $30,000 for machinery and equipment. Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Employees were paid $290,000 wages in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 02 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Office expenses paid in cash during the year amounted $10,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Service supplies purchased on account during the year totaled $157,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Parts and supplies used during the year totaled $152,300 (at cost). Note: Enter debits before credits. Transaction General Journal Debit Credit 05 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Payments to the Utility Fund totaled $21,800. Note: Enter debits before credits. Transaction General Journal Debit Credit 07 Record entry Clear entry View general journal Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
