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Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. Cash Interfund Transfer In No Journal Entry Required Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets Lease Obligations Payable Cash 100,000 Lease Obligations Payable Cash 87,218 Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets 87,218 100,000 82,218 5,000 82,218 5,000

Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. Cash Interfund Transfer In No Journal Entry Required Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets Lease Obligations Payable Cash 100,000 Lease Obligations Payable Cash 87,218 Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets 87,218 100,000 82,218 5,000 82,218 5,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help with the given below Record the entry to close the operating statement accounts. Record the entry to close the Excess of Net Billings to Departments over Costs or Excess of Costs over Net Billings to Departments. Record the entry to reclassify the interfund balances. Record the entry to reclassify net position balances. Transaction 1 2 Fund/ Governmental Activties Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Ĵ General Journal Debit Credit Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. Cash Interfund Transfer In No Journal Entry Required Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets Lease Obligations Payable Cash 100,000 Lease Obligations Payable Cash 87,218 Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets 87,218 100,000 82,218 5,000 82,218 5,000
Transcribed Image Text:Please help with the given below Record the entry to close the operating statement accounts. Record the entry to close the Excess of Net Billings to Departments over Costs or Excess of Costs over Net Billings to Departments. Record the entry to reclassify the interfund balances. Record the entry to reclassify net position balances. Transaction 1 2 Fund/ Governmental Activties Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Ĵ General Journal Debit Credit Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid. Cash Interfund Transfer In No Journal Entry Required Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets Lease Obligations Payable Cash 100,000 Lease Obligations Payable Cash 87,218 Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218. Leased Assets 87,218 100,000 82,218 5,000 82,218 5,000
3 6 4 5 Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Internal Service Fund Show Transcribed Text Governmental Activities Internal Service Fund Governmental Activities Record the $15,000 salaries and wages paid to employees. Salaries and Wages Expense Cash Record the $15,000 salaries and wages paid to employees. Expenses-General Government Cash Record the $2,500 office supplies purchased on account. Office Supplies Vouchers Payable Record the $2,500 office supplies purchased on account. Office Supplies Vouchers Payable Record the $3,000 receipt from the enterprise fund for utility charges. Utilities Expense Due to Other Funds 15,000 15,000 2,500 2,500 3,000 Record the receipt of billings totaling $3,000 from the enterprise fund for utility charges. Expenses-General Government. 3,000 Internal Balances 15,000 20,700 15,000 2,500 2,500 3,000 3,000 Record the $16,000 services provided to General Fund and $4,700 services provided to Special Revenue Fund. Due from Other Funds Billings to Departments 20,700 Record the $16,000 services provided to General Fund and $4,700 services provided to Special Revenue Fund. No Journal Entry Required
Transcribed Image Text:3 6 4 5 Internal Service Fund Governmental Activities Internal Service Fund Governmental Activities Internal Service Fund Show Transcribed Text Governmental Activities Internal Service Fund Governmental Activities Record the $15,000 salaries and wages paid to employees. Salaries and Wages Expense Cash Record the $15,000 salaries and wages paid to employees. Expenses-General Government Cash Record the $2,500 office supplies purchased on account. Office Supplies Vouchers Payable Record the $2,500 office supplies purchased on account. Office Supplies Vouchers Payable Record the $3,000 receipt from the enterprise fund for utility charges. Utilities Expense Due to Other Funds 15,000 15,000 2,500 2,500 3,000 Record the receipt of billings totaling $3,000 from the enterprise fund for utility charges. Expenses-General Government. 3,000 Internal Balances 15,000 20,700 15,000 2,500 2,500 3,000 3,000 Record the $16,000 services provided to General Fund and $4,700 services provided to Special Revenue Fund. Due from Other Funds Billings to Departments 20,700 Record the $16,000 services provided to General Fund and $4,700 services provided to Special Revenue Fund. No Journal Entry Required
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