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P11-4 (Transaction and Closing Entries) The city of Merlot operates a central garage through an Internal Service Fund to provide garage space and repairs for all city-owned and operated vehi- cles. The Central Garage Fund was established by a contribution of $500,000 from the General Fund on July 1, 20X7, at which time the building was acquired. The postclosing trial balance at June 30, 20X9, was as follows: 470 CHAPTER 11 Internal Service Funds Credit Debit $150,000 20.000 80,000 60,000 200,000 Cash Due from General Fund Inventory of Materials and Supplies Land. Building.... Accumulated Depreciation-Building Furniture and Equipment Accumulated Depreciation - Furniture and Equipment Vouchers Payable. Net Position $ 10,000 56,000 12,000 38.000 506,000 $566,000 $566,000 The following information applies to the fiscal year ended June 30, 20Y0: 1. Materials and supplies were purchased on account for $74,000. 2. The inventory of materials and supplies at June 30, 20YO, was $58,000, which agreed with the physical count taken. 3. Salaries and wages paid to employees totaled $230,000, including related costs. 4 A hilling from the Enterprise Fund for utility charges totaling $30.000 was received and paid 5. Depreciation of the building was recorded in the amount of $5,000. Depreciation of the furniture 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, 2040, were as follows: General Fund... $ 6,000 Special Revenue Fund. 16,000 8. Vouchers payable at June 30, 2040, were $14,000. Required a. For the period July 1, 20X9, through June 30, 20Y0, prepare journal entries to record all of the transactions in the Central Garage Fund aeraunts b. Prepare closing entries for the Central Garage Fund at June 30, 20YO. (AICPA, adapted)