Washington City created an Information Technology department in2013 to centralize information technology (IT) functions for thecity. The goal of the department was to reduce costs, avoidduplication of efforts, and provide up-to-date technology to all ofthe cityâs operations. The fund was designed to be self-supporting;that is, all costs are to be recovered through user fees, but anyexcess of fees over expenses should be less than 5%. Thepre-closing trial balance for the IT department as of December 31,2017 is shown below.
|Due from OtherFunds||4,250|
|Materials and SuppliesInventory||350|
|Due to Other Funds||1,200|
|Net Position â NetInvestment in Capital Assets||23,500|
|Net Position âUnrestricted||12,700|
|During the fiscal year endedDecember 31, 2017, the following transactions (summarized)occurred:|
Gross employee wages were $57,600, including the employerâsshare of social security taxes amounting to $4,100. Federal incomeand social security taxes withheld from that amount totaled$18,725.
|2.||Office expenses in the amount of$3,700 were paid in cash.|
|3.||Materials and supplies purchased onaccount during the year were $8,400.|
|4.||Received a bill totaling $14,525for utilities provided by Washington Cityâs utility fund.|
|5.||Cash paid to the federal governmentfor payroll taxes was $23,000.|
|6.||Cash paid to the Utility Fund was$14,500.|
|7.||Accounts payable at year endtotaled $2,950.|
|8.||Materials and supplies used duringthe year were $8,250.|
|9.||Charges to departments during thefiscal year were as follows:|
|10.||Unpaid balances at year endwere:|
|11.||The depreciation for the year was$6,100.|
|12.||Revenue and expense accounts forthe year were closed.|
Prepare journal entries for the Information Technology Fundfor 2017. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the firstaccount field.) (Journal entries are numberes1-11)
2. Office expenses in the amount of $3,700 were paid incash.
3. Materials and supplies purchased on account during the yearwere $8,400.
4. Received a bill totaling $14,525 for utilities provided byWashington Cityâs utility fund.
5. Cash paid to the federal government for payroll taxes was$23,000.
6. Cash paid to the Utility Fund was $14,500.
7. Accounts payable at year end totaled $2,950.
8. Materials and supplies used during the year were $8,250.
9. Record the billing to departments.
10. Record the cash received from other funds.
11. The depreciation for the year was $6,100.
Prepare closing entry for the Information Technology Fundfor 2017. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the firstaccount field.) (Journal Entries are numbered1-3)
1. Record the closure of revenue and expense accounts.
2. Record the operating loss for the year.
3. The depreciation for the year was $6,100.
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