The City of Townsend$$s city council authorized the establishment of an internal service fund to provide human resource services to city departments.

The following transactions took place in the inaugural month of Townsend$$s Human Resource internal service fund:

The General Fund transferred $$100,000$ to cover initial expenses. The transfer is not expected to be repaid.

The Human Resources Fund entered into a $2-$year computer lease with an initial $$5,000$ payment. The present value of the remaining payments is $$82,218.$

Salaries and wages paid to employees totaled $$15,000.$

Office supplies were purchased on account for $$2,500.$

Billings totaling $$3,000$ were received from the enterprise fund for utility charges.

Billings to other departments for services provided to them were as follows:

General Fund $ $16,000$

Special Revenue Fund $4,700$

Closing entries were prepared.