The motor vehicle repair fund of laramee county gives

Reference no: EM13370464

The Motor Vehicle Repair Fund of Laramee County gives centralized repair for county-owned vehicles. For the subsequent summarized transactions and events for the year ended June 30, give the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.

1) The Motor Vehicle Repair Fund ordered supplies at an predictable cost of $92,000.

2) The supplies ordered in (1) were received at invoice costs of $91,400; these invoices were approved for payment.

3) Supplies costing $800 were used to repair a police car, and Motor Vehicle Repair Fund billed to General Fund at a markup of 20 % on cost.

4) Expenses paid in cash through the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200.

Reference no: EM13370464

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