LIST OF ACCOUNTS TO CHOOSE FROM:

No credit entry required

No debit entry required

Accumulated Depreciation

Cash

Depreciation Expense

Due from other funds

Operating expenses

Revenues-charges for services

Transfer in from General Fund-capital contribution

Transfer in from Central Purchasing Fund-capital contribution

Transfer out to General Fund

Transfer out to Central Purchasing Fund

Journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. 1. The General Fund transferred $80,000 as a capital contribution to establish the fund. 2. The Central Purchasing Fund bills $160,000 for services it provided to other funds. 3. The Central Purchasing Fund incurred depreciation expense of $40,000 and paid $200,000 in operating expenses. 4. The General Fund subsidized the operations of the Purchasing Fund by transferring an additional $80,000 to the fund. For each transaction, record the entry, if any, for each Fund. If no entry is required, select 'No debit (or credit) entry required' in the account field and enter 0 or leave the debit and credit fields blank. Account Debit Credit Transaction 1 - To record the entry required for the Central Purchasing Fund. V Transaction 2 - To record the entry required for the General Fund.