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I just need help with the closing entries. a Continuous Problem City. of Monroe12th edition.pdf (page 9 of 16) 6 C. Part 1. Internal Service

image text in transcribedimage text in transcribed I just need help with the closing entries.

a Continuous Problem City. of Monroe12th edition.pdf (page 9 of 16) 6 C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2015: Debits Credits S31.000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 84,000 Buildings Accumulated depreciation-buildings S33,000 46,000 Equipment Accumulated depreciation equipment 25.000 Accounts payable 19,000 Advance from water utility fund 30.000 Net assets 126,500 Totals $233,500 $233,500 Required: a. Open a general journal for the City of Monroe Stores and Service Fund and record the following transactions. (1) A budget was prepared for FY 2015. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year. (3) During the year, supplies were ordered and received in the amount of S303,500. This amount was posted to accounts payable. (4) $15,000 of the advance from the Water Utility Fund, originally provided for construction, was repaid. No interest is charged. (5) During the year, supplies costing S250,560 were issued to the General Fund, and were charged based on the previously determined markup (S 313,200 to General Fund and 58,000 to the Water Utility Fund) (6) Operating expenses, exclusive of depreciation, were recorded in accounts payable as follows: Purchasing, S15,000; Warehousing, S16,000; Delivery, S17,500, and Administrative, S9,200 Cash was received from the General Fund in the amount of$310,000 and from the Water Utility Fund in the amount of S50,000. (8) Accounts payable were paid in the amount of $355,700. (9) Depreciation in the amount of S11,000 was recorded for buildings and S4,600 for equipment

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