P11-4 Transaction and Closing Entries) The city of Merkot operates a central parape through termal Service Fund to proide garage space and repairs for al city-owmed and -operated hicles. The Central Garage Fund was established by a contribution of $500,000 from the ly I-20x7, at which time the buildin was acquired. The Postclosing trial balance at June 30, 20X9 was as follows: Debi $150000 Inventory of Materials and Supplier Building 200,000 10,000 Accumalated De preciation Building achinery and Equipm Accumalated Depreciation Machinery and Equipment 2,000 ouchens Payable 38/00 Net Position The folloving inf omation applies to the ristal year ended June 30, 20Y0: Materiak and supplies were pundased on account for $74.000 The inventory of materials and supplies at June 30 2YI. was S58.000. Nhich agreed with he physical count taken. Laga Notice Privacy Policy I Remissions Support Faadback Fund for utility charges totaling $30,000 was recei 5, Depreciation of the building was recorded in the amount of $5.000 Depreciation of the machinery and equipment was $8,000. 6. Billings to other departments for services rendered to them were as follows: General Fund $262.000 Water and Sewer Fund 84 000 Special Revenue Fund 32.000 7, Unpaid interfund receivable balances at June 30, 20Y0, were as follows: 6,000 General Fund Special Revenue Fund 8. vouchers payable at June 30.2(Y0, were sid,00000. ned a. For the period July 1.20X9, hrough June 30, 20Y0,prepare journal entries to record all of he transactions n the Ce ntral Garage Fund accounts. b. Prepare closing entries for the Central Garage Fund at June 30 20Y0.(AICPA, adapted) P11-5 The trial balance for the Metro School District Repair Shop at January 1. was as follows