Question

Prepare the journal entries to record the following transactions in an Investment Trust Fund for Seggen County during the calendar year 2013.
1. Turtle Creek and Pineview contributed $ 60,000 and $ 40,000, respectively, to an Investment Trust Fund operated by Seggen County during 2013.
2. Investments totaling $ 75,000 were purchased.
3. Income from the investments during the year totaled $ 8,000.
4. The fund paid $ 1,500 to the county for investment management fees.
5. The investments increased in value by $ 3,000.
6. Income of $ 10,000 was paid to the two cities, based on the relative amount of their initial investment.



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  • CreatedDecember 30, 2014
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