Order Grade A+ Academic Papers Instantly!

The City of Thomasville establ

The City of Thomasville established an internal service fund to provide printing services to all city offices and departments. The following transactions related to the fund took place in 2011:
1. On January 15 the general fund transferred equipment valued at $550,000 and provided a $500,000 loan to the internal service fund.
2. On February 1 the internal service fund acquired $200,000 worth of printing equipment and computers. The assets have a five-year life with no salvage, and the city uses straight-line depreciation.
Assume half-year depreciation in the year of acquisition.
3. Throughout the year, the internal service fund billed various departments $345,000 for service rendered and collected $300,000 of the amount billed.
4. Various expenses for the year were as follows: wages and salaries, $180,000; payroll taxes, $37,800; repayment to the general fund, $50,000; and other operating expenses, $120,000.
REQUIRED
Prepare all necessary journal entries for the printing services internal service fund for the year ended December 31, 2011.

Solution:

15% off for this assignment.

Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!

Why US?

100% Confidentiality

Information about customers is confidential and never disclosed to third parties.

Timely Delivery

No missed deadlines – 97% of assignments are completed in time.

Original Writing

We complete all papers from scratch. You can get a plagiarism report.

Money Back

If you are convinced that our writer has not followed your requirements, feel free to ask for a refund.