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 $ 62,200 4,900 51,000 29,000 141,000 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 $ 11,200 36,300 6,800 17,700 188,300 100,400 $324,400 $324,400 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $52,000; the perpetual inventory method is used. 2. The cost of supplies used during the year was $62,200. A physical count taken as of that date showed materials and supplies on hand totaled $40,800 at cost. 3. Salaries and wages paid to employees totaled $133,300, including related costs. 4. Billings totaling $17,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $15,300 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 $5,800; depreciation of the machinery and equipment amounted to $5,100. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $153,000 72,100 7. Unpaid interfund receivable balances were as follows: General Fund Special Revenue Fund Beginning End of of Year Year $1,400 $ 1,700 3,500 4,900 8. Vouchers payable at year-end were $9,200. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). 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.) Debit Credit Fund/ Governmental Transaction General Journal Activties 1. Supplies were purchased on account for $52,000; the perpetual inventory method is used. 1 Internal Service Fund Governmental Activities 2. The cost of supplies used during the year was $62,200. A physical count taken as of that date showed materials and supplies on hand totaled $40,800 at cost. 2 Internal Service Fund Governmental Activities 3. Salaries and wages paid to employees totaled $133,300, including related costs. 3 Internal Service Fund Governmental Activities 4. Billings totaling $17,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $15,300 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 $5,800; depreciation of the machinery and equipment amounted to $5,100. 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 $9,200. 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 for a 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). 9a 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. 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 $ 62,200 4,900 51,000 29,000 141,000 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 $ 11,200 36,300 6,800 17,700 188,300 100,400 $324,400 $324,400 The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year: 1. Supplies were purchased on account for $52,000; the perpetual inventory method is used. 2. The cost of supplies used during the year was $62,200. A physical count taken as of that date showed materials and supplies on hand totaled $40,800 at cost. 3. Salaries and wages paid to employees totaled $133,300, including related costs. 4. Billings totaling $17,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $15,300 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 $5,800; depreciation of the machinery and equipment amounted to $5,100. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $153,000 72,100 7. Unpaid interfund receivable balances were as follows: General Fund Special Revenue Fund Beginning End of of Year Year $1,400 $ 1,700 3,500 4,900 8. Vouchers payable at year-end were $9,200. 9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry). 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.) Debit Credit Fund/ Governmental Transaction General Journal Activties 1. Supplies were purchased on account for $52,000; the perpetual inventory method is used. 1 Internal Service Fund Governmental Activities 2. The cost of supplies used during the year was $62,200. A physical count taken as of that date showed materials and supplies on hand totaled $40,800 at cost. 2 Internal Service Fund Governmental Activities 3. Salaries and wages paid to employees totaled $133,300, including related costs. 3 Internal Service Fund Governmental Activities 4. Billings totaling $17,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $15,300 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 $5,800; depreciation of the machinery and equipment amounted to $5,100. 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 $9,200. 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 for a 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). 9a 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