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Author Question: A municipality's Central Garage Internal Service Fund had total billings for 8,000 for the month. Of ... (Read 56 times)

amal

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on: Jul 5, 2018
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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softEldritch

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

False


amal

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Reply 2 on: Jul 5, 2018
:D TYSM

amandanbreshears

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  • Posts: 320
Reply 3 on: Yesterday
Excellent

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