Question: The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for the transaction, and identify the fund(s) used. 1.

The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for the transaction, and identify the fund(s) used.

1. The General Fund transferred $ 100,000 as a capital contribution to establish the fund.

2. The Purchasing Fund billed revenues of $ 200,000.

3. The Purchasing Fund incurred expenses of $ 300,000.

4. The General Fund subsidized the operations of the Purchasing Fund by transferring an additional $ 100,000 to the fund.

Step by Step Solution

★★★★★

3.35 Rating (179 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 GF Transfer out to Internal Service Fund x contributed capital 100000 Cash 100000 ISF Ca... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

374-B-A-N-P-O (353).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The following transactions Occurred for Bedford Sausage Supply Co. Required a. Journalize the transactions in the appropriate journals. b. Record and post as appropriate. c. Prepare a schedule of...

The following transactions occurred between Belvidere Pharmaceuticals and D & S, the pharmacy chain, during July of the current year: Jul 6 D & S purchased $12,000 of merchandise from Belvidere on...

The following transactions occurred between East Pharmaceuticals and E & M, the pharmacy chain, during August of the current year: Aug 6 E & M purchased $11,000 of merchandise from East on credit...

journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. 1. The General Fund transferred $160,000 as a capital...

Journal entries for an Internal Service Fund The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. 1. The General Fund transferred $100,000 as a capital...

The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. 1. The General Fund transferred $80,000 as a capital contribution to establish the fund. 2. The...

The following transactions occured regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for the transaction, and identify the fund(s) used: 1. The general fund...

The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. 1 . The General Fund transferred $ 1 0 0 , 0 0 0 as a capital contribution to establish the fund....

Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6:2:2 ratios. On November 30, the date Tran retires from the partnership, the equities of the partners are: Barth,...

Mr. Lee operates a green grocery in a building he owns in one of the outer boroughs of New York City. Recently, a large chemical firm offered him a position as a senior engineer designing plants for...

An increase in accounts receivable resulting from an expansion in the firm's customer base is classified as a

Alphas competitors use FIFO for inventory costing. The market value of Alpha Corporation at December 31, 2019 was $3,000,000. Rental revenues were derived from a short-term lease of an unused portion...

As a result of a decrease in the demand for U.S. dollars, there has been depreciation in the value of the U.S. dollar relative to Jamaican dollars. The depreciation in the U.S. dollar has benefitted...

Explain how managerial functions can help manage health Epidemics? OR Technical Skill is the most important skill for managing health Epidemic.

QI Accounting concepts-matching. Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its...

17) Convert 6440 to rectangular form. Round x and y to 2 decimal places.

Which of the following is added to income tax payable to determine the companys income tax expense as reported on the income statement? A. Deferred tax assets B. Deferred tax liabilities C. Changes...

On February 15, 2016, the Town of Evergreen police chief's administrative assistant is preparing a purchase order to place an order for a new computer. The computer is estimated to cost $1,600. Prior...

The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes ......................................................$15,000,000 Intergovernmental...

During July 2016, the first month of the 2017 fiscal year, the Town of Willingdon issued the following purchase orders and contracts (Problem 3-20): General government.......................... $...

Daniel believes that a chemical company is responsible for contaminating some land that he owns. He files suit against the chemical company. Rather than have the case go to court, the chemical...

Assume that you borrow $36,000 for six years at an interest rate of 3.6% per year. If the loan has monthly payments, what is the amount of principal in the first payment? Question 3 options: A)...

1. A publicly-held corporation has recently reported the following financial statements as of 31/12/2020. Balance sheet Assets Liabilities and equity Short-term assets 3,000,000 Debt 12,000,000...