A municipality's Central Garage Internal Service Fund had total billings for 8,000 for the month. Of the 40 vehicles serviced, 20 were police vehicles, 10 were water department vehicles, and 10 were wastewater department vehicles.
What would the journal entry be to account for this transaction?
Debit Credit
A. Accounts Receivable
Transfer from Other Funds 8,000
8,000
B. Accounts Receivable
Charges for Services Revenue 8,000
8,000
C. Due from General Fund
Due from Water Fund
Due from Wastewater Fund
Charges for Services Revenue 4,000
2,000
2,000
8,000
D. Due from General Fund
Due from Water Fund
Due from Wastewater Fund
Transfer from Other Funds 4,000
2,000
2,000
8,000
Question 2
The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.
a. True
b. False
Indicate whether the statement is true or false
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