0 ER FUNDS Internal Service Fund Journal Entries December 31, 2017 18000 48,700
ID: 2391006 • Letter: 0
Question
Explanation / Answer
Journal Entry Sr.No. Particulars Debit Credit 1 Supplies inventory $ 38,000 To Accounts Payable $ 38,000 (Being inventory purchased) 2 Due From General Fund $ 68,000 Due From enterprise Fund $ 30,000 To Revenue $ 98,000 (Being service provided) 3 Cost of goods sold $ 36,700 To Supplies inventory $ 36,700 (Being supplies consumed) 4 Accounts Payable $ 38,800 To Cash $ 38,800 (Being payment made to payables) 5 Cash $ 92,000 To Due from general Fund $ 62,000 To Due from enterprise Fund $ 30,000 (being cash colected) 6 Accounts wages Payable $ 300 Salaries $ 48,400 To cash $ 48,700 (Being salaries paid) 7 Advance from enterprise fund $ 8,000 To cash $ 8,000 (being advance repaid) 8 Cash $ 12,000 To 12% bank note $ 12,000 (being money borrowed) 9 Depreciation expenses $ 6,900 To Accumulated depreciation $ 6,900 (Being depreciation for the year provided) 10 interest Expenses $ 720 To interest acurred $ 720 (being interest booked) 11 Salaries $ 770 To Accounts wages Payable $ 770 (Being unpaid wages booked) Clsing entry 12 Revenue $ 98,000 To cost of goods sold $ 36,700 To Salaries $ 49,170 To depreciation $ 6,900 To interest expnses $ 720 To Net income $ 4,510 Due From General Fund Journal No. Debit Journal No. Debit Opening Balance $ 6,500 5 $ 62,000 2 $ 68,000 Closing balaance $ 12,500 Due From enterprise Fund Journal No. Debit Journal No. Debit Opening Balance $ - 5 $ 30,000 2 $ 30,000 Closing balance $ - Cash Journal No. Debit Journal No. Debit Opening Balance $ 18,000 4 $ 38,800 5 $ 92,000 6 $ 48,700 8 $ 12,000 7 $ 8,000 Closing balance $ 26,500 Capital Assets Journal No. Debit Journal No. Debit Opening Balance $ 35,000 Closing balance $ 35,000 Supplies inventory Journal No. Debit Journal No. Debit Opening Balance $ 4,000 3 $ 36,700 1 $ 38,000 Closing balance $ 5,300 Accounts payable Journal No. Debit Journal No. Debit 4 $ 38,800 Opening Balance $ 5,500 Closing balance $ 4,700 1 $ 38,000 Accounts wages payable Journal No. Debit Journal No. Debit 6 $ 300 Opening Balance $ 300 Closing balance $ 770 11 $ 770 Accumulated Depreciation Journal No. Debit Journal No. Debit Closing balance $ 13,400 Opening Balance $ 6,500 9 $ 6,900 Advance from enterprise fund Journal No. Debit Journal No. Debit 7 $ 8,000 Opening Balance $ 25,000 Closing balance $ 17,000 12% bank note Journal No. Debit Journal No. Debit Closing balance $ 12,000 8 $ 12,000 interest acrrued Journal No. Debit Journal No. Debit Closing balance $ 720 10 $ 720 Net Position Journal No. Debit Journal No. Debit Closing balance $ 30,710 Opening Balance $ 26,200 P&L Account $ 4,510 Revenue Journal No. Debit Journal No. Debit P&L Account $ 98,000 2 $ 98,000 Cost of goods sold Journal No. Debit Journal No. Debit 3 $ 36,700 P&L Account $ 36,700 Salaries Journal No. Debit Journal No. Debit 6 $ 48,400 P&L Account $ 49,170 11 $ 770 Depreciation expenses Journal No. Debit Journal No. Debit 9 $ 6,900 P&L Account $ 6,900 interest Expenses Journal No. Debit Journal No. Debit 10 $ 720 P&L Account $ 720 Satement of revenue expenses Particulars Revenue $ 98,000 Expenses Cost of goods sold $ 36,700 Salaries $ 49,170 Depreciation expenses $ 6,900 interest expenses $ 720 Net Income $ 4,510 Satement of change in Net position Opening balance $ 26,200 Net income $ 4,510 Closing balance $ 30,710 Statement of cash flow Net Income $ 4,510 Non Cash expenses Depreciation $ 6,900 Interest expenses $ 720 Change in Working capital Increase in dues $ (6,000) Increase in inventory $ (1,300) Decrease in payables $ (800) Increase in wages payable $ 470 Decrease in advance payable $ (8,000) Cash flow from operation $ (3,500) Cashflow from investing $ - 12% bank note $ 12,000 Cash flow from financing $ 12,000 Net change in cash $ 8,500 Opening cash $ 18,000 Closing cash $ 26,500
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