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The following transactions relate to the City of Monticello for the fiscal year ended June 30, 2013. Prepare(a) All the journal entries necessary to record these transactions, and identify the fund( s) used. Also prepare(b) A statement of revenues, expenses, and changes in net position for the Central Supplies Fund for fiscal 2012, 2013 and(c) A statement of net position as of June 30, 2013.1. The city established a Central Supplies Fund for the purpose of handling the acquisition and disbursement of supplies for the entire government. The General Fund made an initial capital contribution of $ 75,000 to the fund.2. The Police Department ordered equipment at a total cost of $ 34,000.3. The Central Supplies Fund purchased supplies for $ 29,000. This amount will be paid later.4. The Debt Service Fund paid $ 120,000 of interest not previously recorded.5. Central Supplies Fund billings to departments totaled $ 31,000. These supplies cost $ 25,000. Record the cost of the supplies as an expense: Cost of sales.6. A Capital Projects Fund paid a contractor $ 100,000 for a previously submitted progress billing of $ 110,000. The difference between the billing and the amount paid is the retained percentage. The billing was recorded correctly when received by the fund.7. The Central Supplies Fund acquired office equipment for $ 2,000. A 90 day note was signed for that amount.8. Collections from the departments by the Central Supplies Fund totaled $ 27,500.9. Salaries paid to Central Supplies Fund employees were $ 22,500.10. The Police Department equipment ordered in transaction 2 was delivered at a cost of $ 35,000. The invoice price will be paid later. Assume the excess was approved.11. Depreciation on the office equipment of the Central Supplies Fund was $ 400.12. The Central Supplies Fund paid $ 25,000 to various creditors outside the governmental unit.13. Interest expense of $ 50 on the note payable was accrued by the Central Supplies Fund.
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