a. Prepare Journal entries. b. Prepare Closing Entries. c. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
Jefferson County operates a centeralized motor pool to service county vehicles. At the endof 2019, the motor pool Internal Service Fund had the following account balances:
Debits:
Due from General Fund $7,000; Cash $17,500; Capital assests $35,000; Supplies $4,000 Total $63,500.
Credits:
Accounts Payable $5,500; Accured Waged Payable $300;
The following events took place in 2020:
1. Additional supplies were purchased on account in the amount of $37,500.
2. Services provided to other departments on account totaled $96,000. A total of $66,000 was for departments in the General Fund and $30,000 for Enterprise Fund Department.
3. Supplies used amounted to $36,700
4. Payments made on accounts payable amounted to $38,800.
5. Cash collected from the General Fund totaled 462,000, and cash collected from the Enterprise Fundtotaled $30,000.
6. Salaries Paid in the amount of $47,900.Included in this amount is the accrued wages payable at the end of 2019. All of these are determined to be part of the cost of services provided.
7. In a previous year, the Enterprise Fund loaned the Motor Pool money under an advance for the purpose of purchasing garage equipment. In the current year, the Motor Pool repaidar amounted to $6,900 the Enterprise Fund $8,000 of this amount.
8. On July 1, 2020, the Motor Pool Fund barrowed $12,000 from the bank, siging a 12 percent note that is due in two years with annual interest payments on June 30. The barrowings are not related to Capital asset purchases but were made to provide
Additional information includes:
9. Depreciation for the year amounted to $6,900.
10. The payment of interst on the note is payable on June 30, 2020.
11. Unpaid wages relating to the final week of the year totaled $980.
Required:
a. Prepare
b. Prepare Closing Entries.
c. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
d. Prepare a Statement of Net Positon.
e. Prepare a Statement of Cash Flows for the year.
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