Chap018-baker 24

Chap018-baker 24 - 23,000 Record depreciation for period...

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-24 E18-10 Internal Service Fund Entries and Statements a. Entries for 20X2, including closing entries: 1. Inventory of Supplies 96,000 Furniture and Equipment 4,700 Vouchers Payable 100,700 Record acquisitions of supplies, furniture, and office equipment. 2. Due from Other Funds 292,000 Billings to Departments 292,000 Record billings for jobs completed. Cash 287,300 Due from Other Funds 287,300 Record collections on billings. Costs of Printing Jobs 204,000 Operating Expenses 38,000 Inventory of Supplies 92,400 Vouchers Payable 149,600 Record costs of printing jobs. Depreciation Expense 23,000 Accumulated Depreciation
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Unformatted text preview: 23,000 Record depreciation for period. Vouchers Payable 243,000 Cash 243,000 Pay approved vouchers. Closing entries: Billings to Departments 292,000 Costs of Printing Jobs 204,000 Operating Expenses 38,000 Depreciation Expense 23,000 Profit and Loss Summary 27,000 Close nominal accounts. Profit and Loss Summary 27,000 Net Assets – Unrestricted 27,000 Close profit and loss summary. Net Assets – Invested in Capital Assets, Net of Related Debt 18,300 Net Assets - Unrestricted 18,300 Reclassify net assets as of end of period: $18,300 = (ending balance of $191,700 net capital assets less $0 related debt ) less $210,000 beginning balance in net assets invested....
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