Prepare the journal entries required in an Internal Service fund to record the following transactions and answer the relevant questions with respect to each that follows 1. Purchased a building on July 1 by paying $100,000 down and borrowing $350,000 on a 6%, 10-year mortgage. Assume annual mortgage payments are due each July 1 , beginning next year. The useful life of the building is 20 years. 2. Purchased materials and supplies on account, $58,000. 3. Paid employee salaries, $120,000, Accrued salaries at year end were $13,000. Accrued salaries at the beginning of the year were 59,000 . 4. Billed General Fund departments $400,000 for services provided to those departments. Billings to the Enterprise Fund totaled $30,000. All but 10% of these billings were collected by year end. The remaining 10% is not expected to be collected from the other funds until the second quarter of the next fiscal year. 5. Materials on hand at year end have a cost of $4,000. The beginning of the year inventory was $6,000. 6. Make any appropriate year end (December 31) adjustments. Purchased materiak and supplies on account, $58,000 What accourt is credited? Paid enplibyes'salaries 5120,000 . Accrued sabaries ot year end were $13,000. Nocred salaries at the beginning of the yeur wer 19000. What arnourt is saiaries expense debited for? $58,000 Choose. ACCOUNTS PAYABLE $124,000 $40,000 $387,000 NO ENTRY NOTE PAYABLE INVENTORY $60,000 $430,000 $450,000 $11,250 $10,500 $4,000 LIABILITY $3,000 Choose