Enterprise Fund Journal Entries

Listed below are selected transactions for the Maury County Enterprise Fund:

1. Purchased a building on January 2, 20X2, by paying $50,000 down and borrowing $650,000 on a 4.5%, 30-year mortgage. Assume monthly mortgage payments are due each month, beginning next month. The building will be depreciated over 40 years with no salvage value using the straight-line method.
2. Ordered supplies, $45,000.
3. Purchased supplies on account, $47,000 (see #2). The fund uses the perpetual inventory method when accounting for supplies.
4. Paid employee salaries, $150,000. Accrued salaries at year end were $21,000.
5. Billed General Fund departments $75,000 for services provided to those departments. Billings to the Internal Service Fund totaled $4,500. 90% of these billings were collected by year end. The remaining 10% is not expected to be collected from the other funds until the second quarter of the next fiscal year.
6. The first monthly mortgage payment was made (principal and interest).

Requirements:

Prepare the journal entries required in the Internal Service Fund. If no entry is required, state No entry required and explain why.