During the current fiscal year, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund:
1. Employees were paid $290,000 wages in cash.
2. Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. The amount had previously been accrued by the Utility Fund.
3. Office expenses paid in cash during the year amounted to $10,500.
4. Service supplies purchased on account during the year totaled $157,500.
5. Parts and supplies used during the year totaled $152,300 (at cost).
6. Charges to departments during the fiscal year were as follows:

7. Payments to the Utility Fund totaled $21,800.
8. Annual depreciation totaled $30,000 for machinery and equipment.
Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Question

During the current fiscal year, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund:
1. Employees were paid $290,000 wages in cash.
2. Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. The amount had previously been accrued by the Utility Fund.
3. Office expenses paid in cash during the year amounted to $10,500.
4. Service supplies purchased on account during the year totaled $157,500.
5. Parts and supplies used during the year totaled $152,300 (at cost).
6. Charges to departments during the fiscal year were as follows:
  
7. Payments to the Utility Fund totaled $21,800.
8. Annual depreciation totaled $30,000 for machinery and equipment.
Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Quizplus · Accepted Answer

The Answer of During the current fiscal year, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund:
1. Employees were paid $290,000 wages in cash.
2. Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. The amount had previously been accrued by the Utility Fund.
3. Office expenses paid in cash during the year amounted to $10,500.
4. Service supplies purchased on account during the year totaled $157,500.
5. Parts and supplies used during the year totaled $152,300 (at cost).
6. Charges to departments during the fiscal year were as follows:
  
7. Payments to the Utility Fund totaled $21,800.
8. Annual depreciation totaled $30,000 for machinery and equipment.
Prepare the journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

During the Current Fiscal Year, the Following Transactions (Summarized) Occurred