Required information E7 20 Central Garage Internal Service Fund LO 7 4 The following information applies to the questions displayed below The City of Ashville operates an internal service fund to provide garage space and repairs for all city owned and operated vehicles The Central Garage Funds preclosing trial balance for the current fiscal year is as follows Debits Credits Cash $ 73,200 Due from Other Funds 6,000 Inventory of Supplies 60,000 Land 34,000 Building 166,000 Allowance for DepreciationBuilding $ 13,200 Machinery and Equipment 42,800 Allowance for DepreciationMachinery and Equipment 8,000 Vouchers Payable 20,800 Net PositionNet Investment in Capital Assets 221,600 Net PositionUnrestricted 118,400 $ 382,000 $ 382,000 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year Supplies were purchased on account for $61,200 the perpetual inventory method is used The cost of supplies used during the year was $73,200 A physical count taken as of that date showed materials and supplies on hand totaled $48,000 at cost Salaries and wages paid to employees totaled $156,800, including related costs Billings totaling $20,000 were received from the enterprise fund for utility charges The Central Garage Fund paid $18,000 of the amount owed (At the government wide level, record the payable amount as Internal Balances ) Depreciation of the building was recorded in the amount of $6,800 depreciation of the machinery and equipment amounted to $6,000 Billings to other departments for services provided to them were as follows General Fund $ 180,000 Special Revenue Fund 84,800 7 Unpaid interfund receivable balances were as follows Beginning of Year End of Year General Fund $ 1,700 $ 2,000 Special Revenue Fund 4,300 6,000 8 Vouchers payable at year end were $10,800 9 Closing entries were prepared for the Central Garage Fund (ignore government wide closing entry) E7 20 Part a Required a 1 Assume all expenses at the government wide level are charged to the General Government function Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts (If no entry is required for a transaction event, select No Journal Entry Required in the first account field )

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Required information E7-20 Central Garage Internal Service Fund [LO 7-4] [The following information applies to the questions displayed below.] The City of Ashville operates an

Required information

E7-20 Central Garage Internal Service Fund [LO 7-4]

[The following information applies to the questions displayed below.]

The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Funds preclosing trial balance for the current fiscal year is as follows:

	Debits		Credits
Cash	$	73,200
Due from Other Funds		6,000
Inventory of Supplies		60,000
Land		34,000
Building		166,000
Allowance for DepreciationBuilding			$	13,200
Machinery and Equipment		42,800
Allowance for DepreciationMachinery and Equipment				8,000
Vouchers Payable				20,800
Net PositionNet Investment in Capital Assets				221,600
Net PositionUnrestricted				118,400
	$	382,000	$	382,000

The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year:

Supplies were purchased on account for $61,200; the perpetual inventory method is used.
The cost of supplies used during the year was $73,200. A physical count taken as of that date showed materials and supplies on hand totaled $48,000 at cost.
Salaries and wages paid to employees totaled $156,800, including related costs.
Billings totaling $20,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $18,000 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.)
Depreciation of the building was recorded in the amount of $6,800; depreciation of the machinery and equipment amounted to $6,000.
Billings to other departments for services provided to them were as follows:


General Fund	$	180,000
Special Revenue Fund		84,800

7. Unpaid interfund receivable balances were as follows:

	Beginning of Year		End of Year
General Fund	$	1,700	$	2,000
Special Revenue Fund		4,300		6,000

8. Vouchers payable at year-end were $10,800.

9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).

E7-20 Part a

Required

a-1. Assume all expenses at the government-wide level are charged to the General Government function. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)