QUESTION T 16 points SA Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record, in the order presented, all of the transactions below, in good form without explanations, for all fundsonfunds affected. Place the number (1 - 12) of the fundonfund (on the City of Namtip's Chart of Accounts) in which the transaction would be recorded in the column preceding the account to be debited. If the transaction does not require an entry in any fundonfund, write NO ENTRY REQUIRED. Where possible, use a compound entry instead of separate entries. Leave a blank line between each journal entry. Be sure to use only the accounts listed in the City of Namtip's Chart of Accounts. Do not use abbreviations. The City of Namtip's council members voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The City engaged in the following activities related to the new fund. A. To establish the new printing internal service fund, the General Fund transferred $1,200,000 to it. B. The Internal Service Fund entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. Due to the excellent credit rating of the city, the lessor did not require an initial cash payment. C. The Internal Service Fund purchased additional equipment at a cost of $980,000 paying cash. D. The Internal Service Fund billed the General Fund r copying and printing charges, $70,000; no payment has been received. E. The Internal Service Fund paid salaries of $50,000 to the printing employees. F. The General Fund paid $35,000 to the Internal Service Fund for copying and printing charges in D. above. 16 points possible QUESTION T 16 points SA Assuming the City of Namtip maintains its books and records in a manner that facilitates the preparation of its governmental fund financial statements, record, in the order presented, all of the transactions below, in good form without explanations, for all fundsonfunds affected. Place the number (1 - 12) of the fundonfund (on the City of Namtip's Chart of Accounts) in which the transaction would be recorded in the column preceding the account to be debited. If the transaction does not require an entry in any fundonfund, write NO ENTRY REQUIRED. Where possible, use a compound entry instead of separate entries. Leave a blank line between each journal entry. Be sure to use only the accounts listed in the City of Namtip's Chart of Accounts. Do not use abbreviations. The City of Namtip's council members voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The City engaged in the following activities related to the new fund. A. To establish the new printing internal service fund, the General Fund transferred $1,200,000 to it. B. The Internal Service Fund entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. Due to the excellent credit rating of the city, the lessor did not require an initial cash payment. C. The Internal Service Fund purchased additional equipment at a cost of $980,000 paying cash. D. The Internal Service Fund billed the General Fund r copying and printing charges, $70,000; no payment has been received. E. The Internal Service Fund paid salaries of $50,000 to the printing employees. F. The General Fund paid $35,000 to the Internal Service Fund for copying and printing charges in D. above. 16 points possible
