Week 4 Ind - Ch. 9: Exercise 9-3, Part a Internal service...

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Ch. 9: Exercise 9-3, Part a Internal service funds are accounted for similarly to businesses . William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county’s general fund. During the first month in which it was accounted for as an internal service fund the center engaged in the following transactions: a. Prepare journal entries in the internal service fund to record the transactions. Account Debit Credit General Capital Assets 70,000 ISF Capital Assets 70,000 General Fund Cash 35,000 ISF Capital Assets 35,000 ISF Short-Term Liabilities 270,000 ISF Capital Assets 270,000 General Capital Assets 260,000 ISF Capital Assets 160,000 ISF Operating Expenses 100,000 County’s Clerk Office 5,000 ISF Capital Assets 2,500 ISF Accounts Receivable 2,500
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ISF Capital Assets 9,000 ISF Operating Expenses 9,000 ISF Net Assets 2,400 Equipment 1,500 Improvements 900
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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Week 4 Ind - Ch. 9: Exercise 9-3, Part a Internal service...

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