Prepare Journal Entries in an Internal Service Fund of Union

question 7

Essay

Prepare journal entries in an Internal Service Fund of Union County to record each of the following transactions.
1.Purchased equipment on September 1,2014 by paying $25,000 down and borrowing $100,000 on a 6%,2-year note.
2.In 2014,billed General Fund $620,000 for services provided.Billings to the Enterprise Fund totaled $165,000.All billings were collected by December 31,2014 except for $100,000 charged to the General Fund.
3.Accrued year-end adjustments at December 31,2014 for interest expense and depreciation.The useful life of the equipment is 5 years with no salvage value.

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Definitions:

Alienating

The process by which individuals become estranged or isolated from their social environment or sense of self.

Dehumanizing

The process of depriving people of their human qualities, identity or dignity, often used to justify discrimination, exploitation, or violence against certain groups.

Marxian Analysis

An approach to sociology that interprets society through the lens of Marxist theory, focusing on issues of class conflict, economic power, and social change.

Current Event

An incident or situation happening at the present time which is of interest to the public, often reported by the media.