Prepare Journal Entries in the Motor Pool Department of Hill

question 45

Essay

Prepare journal entries in the motor pool department of Hill County to record each of the following transactions.
1.The General Fund contributed $50,000 cash to the motor pool department.The motor pool department purchased four vehicles on July 1,2014 by paying $50,000 down and borrowing $70,000 on a 5%,3-year note.
2.Billed General Fund departments $430,000 for services provided to those departments.Billings to the Enterprise Fund totaled $210,000.All billings were collected by year-end (June 30,2015)except for $80,000 charged to the General Fund.
3.Accrued year-end adjustments at June 30,2015 for interest expense and depreciation.The useful life of the equipment is 5 years with no salvage value.

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Definitions:

Pain-Relief Medications

Drugs specifically formulated to alleviate pain, ranging from over-the-counter analgesics to prescription opioids, depending on the intensity and type of pain.

Scale

A device or tool used for measuring weight or mass of objects or individuals.

Recur

Recur means to occur again or repeat after a period of absence, often used in the context of symptoms or conditions in medical discussions.

Point

A precise location or position in space, often used as a reference or for navigation.