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Prepare entries to record them in the fund accounts

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Question - The Village maintains a Pension Trust Fund for its employees. At the start of the year, the Fund holds cash of $550,000 and investments that have a fair value of $7,100,000. The Fund has the following transactions. Prepare entries to record them in the Fund's accounts

1. Bills the General Fund $350,000 for the required annual contribution. The pension plan does not require contributions from the employees

2. Receives payment of $350,000 from the General Fund

3. Receives interest and dividend income of $105,000 in cash on its investment portfolio

4. Receives $235,000 from selling investments carried on the books at $200,000

5. Makes new investments totaling $420,000

6. Pays annuity benefits of $155,000 to retirees or their spouses

7. Pays administrative expenses of $100,000 in cash

8. The investments held by the Fund have a fair value of $7,200,000 at year-end.

Reference no: EM133145925

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