Reference no: EM132602152

During the current fiscal year, the following transactions (summarized) occurred in the Town of Berthoud Information Technology Internal Service Fund.

1. Employees were paid $290,000 wages in cash.
2. Utility bills received from the Town of Berthoud's Utility Fund during the year amounted to $23,500. The amount had previously been accrued by the Utility Fund.
3. Office expenses paid in cash during the year amounted to $10,500.
4. Service supplies purchased on account during the year totaled $157,500.
5. Parts and supplies used during the year totaled $152,300 (at cost).

Charges to departments during the fiscal year were as follows.

1. General Fund$308,700 Street Fund$279,300
2. Payments to the Utility Fund totaled $21,800.
3. Annual depreciation totaled $30,000 for machinery and equipment.

Question 1: Prepare the journal entry. (If no entry is required for a transaction or event, select No Journal Entry Required in the first account field.)