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Journal entries for several funds and statements for an internal Service Fund The following transactions relate to the city of Monticello for the fiscal year

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Journal entries for several funds and statements for an internal Service Fund The following transactions relate to the city of Monticello for the fiscal year ended june 30 2018. Prepare (a) all the journal entries needed to record these transactions, and identify the fund(s) used Also, prepare (b) a statement of revenues, expenses and changes in fund net position for the Central Supplies Fund for fiscal year-end 2018 and (c) a statement of net position as of June 30, 2018, 1. The city established a Central Supplies Fund for the purpose of handing the acquisition and disbursement of supplies for the entire city. The General Fund made an initial capital contribution of 575,000 to the fund 2. The police department ordered equipment at a total cost of $34.000 2. The Central Supplies Fund purchased supples for $29.000. This amount will be paid later 4. The Debt Service Fund paid $120.000 of interest not previously recorded 5 Central Supplies Fund hilings to departments totaled 531,000. The fund previously spent $25.000 for the supplies. 6. A Capital Projects Fund paid a contractor $100.000 for a previously submitted progress billing of 5110,000. The difference between the billing and the arount paid as the retained percentage. The bing was recorded correctly when received by the fund 7. The Central Supplies Fund acquired office equipment for 52,000. A 90 daynote was signed for that amount 8. Collections from the departments by the Central Suppies Rund totaled $27.500 9. Salaries paid to Central Supplies Fond employees were 122.600 10. The police department equioment ordered in Transaction was delivered at a cost of $35.000. The voice price will be paid later. Assume the excess was approved, 11. The Central Supplies Fund calculated depreciation on its office equipment for the year of 5400 12. The Central Supplies Fund paid $25.000 to various creditors outside the city 12. Interest experise of 50 on the note payable was accrued by the Central Supplies Find Note: Under the Fund colunin, select the appropriate fund in which the transaction is recorded CPE Coral Projects Fund DSP Debt Service Fund. GF General Fund or ISP Internal Service Fun Ref Fund Cred Note: Under the Fund column, select the appropriate fund in which the transaction is recorded (CPF. Capital Projects Fund, DSF. Debt Service Fund GE: General Fund or 15: Internal Service Run Description Ref Fund Debit Credit . 0 0 D To record transfer of fonds . 0 0 0 0 to retard receit af funds 0 0 . + 3 . 0 0 0 0 - 0 : So record mature rest + 0 6 . 0 record the went on the rain 3 : 0 0 To setoed revenue from bringt department . 0 0 To retard plasted to be 1 TODO . 0 0 To record the payment of cash to the fiscal agent, 0 0 5 44 0 0 To record revenue from billings to departments, : 0 0 0 To record cost of supplies related to billings. 6 AN 0 . 0 Oo oo 0 4 0 8 0 0 0 O 9 0 0 0 oo 10 . 0 . 0 0 To reverse encumbrance prior to recording expenditure 0 0 > 0 0 To record liability for equipment purchased 11 a : . 12 0 0 To record liability for equipment purchased 11 a : . 12

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