The City of Townsend's city council authorized the establishment of an internal service fund to provide human resource services to citydepartments.The following transactions took place in the inaugural month of Townsend's Human Resource internal service fund:1. The General Fund transferred $100,000 to cover initial expenses. The transfer is not expected to be repaid.2. The Human Resources Fund entered into a 2-year computer lease with an initial $5,000 payment. The present value of theremaining payments is $82,218.3. Salaries and wages paid to employees totaled $15,000.4. Office supplies were purchased on account for $2,500.5. Billings totaling $3,000 were received from the enterprise fund for utility charges.6. Billings to other departments for services provided to them were as follows:General FundSpecial Revenue Fund$16,0004,7007. Closing entries were prepared. 7. Closing entries were prepared.Requireda-1. Assume all expenses at the government-wide level are charged to the General Government function. Prepare journal entries torecord all of the transactions for this period in the Human Resource Fund accounts and in the governmental activities accounts.a-2. Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry).Complete this question by entering your answers in the tabs below.Req alReq a2Assume all expenses at the government-wide level are charged to the General Government function.transactions for this period in the Human Resource Fund accounts and in the governmental activities accounts. (If no entry is required for arepare journal entries to record all of thetransaction/event, select "No Journal Entry Required" in the first account field.)FundavammantalShow less A

A journal entry is a record of a business transaction in your business books.

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: 1. The General Fund transferred $100,000 to cover initial expenses. The transfer is not expected to be repaid. 2. 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. 3. Salaries and wages paid to employees totaled $15,000. 4. Office supplies were purchased on account for $2,500. 5. Billings totaling $3,000 were received from the enterprise fund for utility charges. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $16,000 4,700 7. Closing entries were prepared.

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: 1. The General Fund transferred $100,000 to cover initial expenses. The transfer is not expected to be repaid. 2. 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. 3. Salaries and wages paid to employees totaled $15,000. 4. Office supplies were purchased on account for $2,500. 5. Billings totaling $3,000 were received from the enterprise fund for utility charges. 6. Billings to other departments for services provided to them were as follows: General Fund Special Revenue Fund $16,000 4,700 7. Closing entries were prepared.

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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