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Required information [The following information applies to the questions displayed below.) The City of Ashville operates an internal service fund to provide garage space and
Required information [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 Fund's preclosing trial balance for the current fiscal year is as follows: Credits Debits $ 65,900 5,300 54,000 30,500 149,500 Cash Due from Other Funds Inventory of Supplies Land Building Allowance for Depreciation-Building Machinery and Equipment Allowance for Depreciation-Machinery and Equipment Vouchers Payable Net Position-Net Investment in Capital Assets Net Position-Unrestricted $ 11,900 38,600 7,200 18,700 199,500 106,500 $343,800 $343, 800 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $55,100; the perpetual inventory method is used. 2. The cost of supplies used during the year was $65,900. A physical count taken as of that date showed materials and supplies on hand totaled $43,200 at cost. 3. Salaries and wages paid to employees totaled $141,100, including related costs. 4. Billings totaling $18,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $16,200 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.) 5. Depreciation of the building was recorded in the amount of $6,100; depreciation of the machinery and equipment amounted to $5,400. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $162,000 76,300 7. Unpaid interfund receivable balances were as follows: General Fund Special Revenue Fund Beginning of Year $1,500 3,800 End of Year $1,800 5,300 8. Vouchers payable at year-end were $9,700. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). Debit Credit Fund/ Governmental Transaction General Journal Activties 1. Supplies were purchased on account for $55,100; the perpetual inventory method is used. 1 Internal Service Fund Inventory of Supplies Vouchers Payable 55,100 55,100 Governmental Activities 2. The cost of supplies used during the year was $65,900. A physical count taken as of that date showed materials and supplies on hand totaled $43,200 at cost. 2 Internal Service Fund Governmental Activities 3. Salaries and wages paid to employees totaled $141,100, including related costs. 3 Internal Service Fund Governmental Activities 4. Billings totaling $18,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $16,200 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.) 4 Internal Service Fund Governmental Activities 5. Depreciation of the building was recorded in the amount of $6,100; depreciation of the machinery and equipment amounted to $5,400. 5 Internal Service Fund Governmental Activities 6. Record the billings to other departments. 6 Internal Service Fund Governmental Activities 7. Record the dues received from other funds. 7 Internal Service Fund Governmental Activities 8. Vouchers payable at year-end were $9,700. 8 Internal Service Fund Governmental Activities a-2. Prepare closing entries for the Central Garage Fund (ignore government-wide closing entry). (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit Transaction Fund / Governmental General Journal Activties 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). 9 Internal Service Fund Prepare the closing entry for the expenses. 9b Record the operating loss/profit for the year. 9c Record the net change in investment in capital assets
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