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The differences in accounting for an activity in an internal service fund rather than the general fund may be striking.
The differences in accounting for an activity in an internal service fund rather than the general fund may be striking.
A school district establishes a vehicle repair shop that provides service to other departments, all of which are accounted for in its general fund. During its first year of operations, the shop engages in the following transactions:
•It purchases equipment at a cost of $24 million and issues long-term notes for the purchase price. The useful life of the equipment is eight years, with no residual value.
•It purchases supplies at a cost of $4 million. Of these, it uses $3 million. In its governmental funds, the district accounts for supplies on a purchases basis.
•It incurs $13 million in other operating costs.
•It bills other departments for $19 million.
Journalize the four transactions presented in the problem.
(1) Assume the Vehicle Repair Shop is accounted for in the General Fund and the basis of accounting is modified accrual.
(2) Assume the Vehicle Repair Shop is accounted for in an Internal Service Fund and the basis of accounting is full accrual
I needed helpwith the journal entries that would gowith the transactions that I listed forboth the generaland internal service funds.
