REQUIRED: Record the following transaction in journal entry form for Grand County Purchasing and Stores Internal Service Fund.

1. The purchasing and stores fund received a long-term interest free loan from the utility fund in the amount of $250,000. The loan is to be repaid by the purchasing and stores fund in 10 equal annual installments.

2. Utility bills received from the Grand Countys Utility Fund (Enterprise fund) during the

year amounted to $47,500 were recorded in the Internal Service Fund.

3. The fund purchased supplies costing $314,000. The invoices were received and approved

for payment. The perpetual inventory method is used.

4. Charges to departments during the fiscal year for supplies costing $74,400 were

issued to the General Fund and billed at a markup of 30 % on the cost of the supplies issued. The fund uses the perpetual method to account for inventory.