Closing Entries for the Operating Accounts? Req alPrepare closing entries for the Human Resource Fund (ignore government-wide closing entry). (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet<Req a2ARecord the entry to close the operating statement accounts.Transaction1Note: Enter debits before credits.explanationB C DRecord entryGeneral JournalClear entryDebitCreditView general journal Transaction123456Fund / GovernmentalActivtiesInternal Service FundGovernmental ActivitiesInternal Service FundGovernmental ActivitiesInternal Service FundGovernmental ActivitiesInternal Service FundGovernmental ActivitiesInternal Service FundGovernmental ActivitiesInternal Service FundGovernmental ActivitiesGeneral JournalDebitCreditRecord the $100,000 transfer to cover initial expenses from the General Fund. The transfer is notexpected to be repaid.CashInterfund Transfer InNo Journal Entry RequiredRecord the 2-year computer lease with an initial $5,000 payment. The present value of theremaining payments is $82,218.Leased AssetsCashLease Obligations PayableRecord the $15,000 salaries and wages paid to employees.Salaries and Wages ExpenseCashRecord the 2-year computer lease with an initial $5,000 payment. The present value of theremaining payments is $82,218.Leased AssetsCashLease Obligations PayableRecord the $15,000 salaries and wages paid to employees.Expenses-General GovernmentCashRecord the $2,500 office supplies purchased on account.Office SuppliesVouchers PayableRecord the $2,500 office supplies purchased on account.Office SuppliesVouchers Payable100,000DRecord the $3,000 receipt from the enterprise fund for utility charges.Utilities ExpenseDue to Other Funds87,21887,21815,00015,0002,5002,5003,000Record the receipt of billings totaling $3,000 from the enterprise fund for utility charges.Expenses-General Government3,000Internal Balances100,00020,7005,00082,2185,00082,21815,00015,0002,5002,5003,0003,000Record the $16,000 services provided to General Fund and $4,700 services provided to SpecialRevenue Fund.Due from Other FundsBillings to Departments20,700Record the $16,000 services provided to General Fund and $4,700 services provided to SpecialRevenue Fund.No Journal Entry Required

Introduction: Each business transaction should pass journal entry by showing debit side and credit…

Req al Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Req a2 View transaction list Journal entry worksheet B C D < A Record the entry to close the operating statement accounts.

Req al Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Req a2 View transaction list Journal entry worksheet B C D < A Record the entry to close the operating statement accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question You are provided with the following information relating to the Consolidated Fund for the year ended 31st December, 2019. Debit Credit GHC'000 GHc'000 Corporate taxes 200,000 Personal income taxes 120,000 Capital gain taxes and sundries 50,000 Taxes on general goods and services 180,000 Fees, fines and penalties 80,000 Investment income 20,000 Custom duties 250,000 Grants 150,000 Communication service taxes 100,000 Royalties 40,000 Established post 240,000 Casual labour 60,000 Travel and transport 70,000 Repairs and maintenance 50,000 13% Social security contribution 26,000 Gratuity and end of service benefit 168,000 State protocol 180,000 Independence Day celebration 205,000 Seminar and conferences 30,000 Probation 25,000 Property plant and equipment (at cost) 300,000 Infrastructure (at…
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