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.

Comprehend the relationship between price changes, quantity demanded, and total revenue.

Grasp the significance of the midpoint method for calculating price elasticity.

Understand the concept of cross-price elasticity of demand and its implications for the relationship between goods.

Learn about the price elasticity of supply and how it is calculated.

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Definitions:

Social Anxiety

A chronic mental health condition in which social interactions cause irrational anxiety, fear, self-consciousness, and embarrassment.

Anticipated Social Interactions

The expectation or forecasting of future social encounters, which can influence behavior and emotions in the present.

Social Anxiety

A fear of social situations involving interaction with other people, leading to feelings of inadequacy, inferiority, self-consciousness, embarrassment, humiliation, or depression.

Introversion

A personality trait characterized by a focus on internal thoughts and feelings rather than seeking external stimulation.