The city of Morristown operates a printing shop through an

The city of Morristown operates a printing shop through an Internal Service Fund to provide
printing services for all departments. The Central Printing Fund was established by a
contribution of $30,000 from the General Fund on January 1, 20X5, at which time the equipment
was purchased. The postclosing trial balance on June 30, 20X8, was as follows:The following
transactions occurred during fiscal year 20X9:1. The publicity bureau, financed by the General
Fund, ordered 30,000 multicolor travel brochures printed at a cost of $1.20 each. The brochures
were delivered.2. Supplies were purchased on account for $13,000.3. Employee salaries were
$30,000. One-sixth of this amount was withheld for taxes and is to be paid to the city’s Tax
Fund; the employees were paid.4. Taxes withheld were remitted to the Tax Fund.5. Utility
charges for the year, billed by the Enterprise Fund, were $2,200.6. Supplies used during the
year cost $10,050.7. Other billings during the period were Electric Enterprise Fund, $300;
Special Revenue Fund, $4,750.8. The inventory of supplies at year end was $5,900.9.
Collections from other funds on account during the year ended June 30, 20X9, were General
Fund, $35,000; Special Revenue Fund, $4,000; and Enterprise Fund, $300.10. Printing press
number 3 was repaired by the central repair shop, operated from the Maintenance Fund. A
statement for $75 was received but has not been paid.11. The accounts receivable at June 30,
20X8, were collected in full.12. Printing shop accounts payable of $14,950 were paid.13.
Depreciation expense was recorded, $2,500.Requireda. Journalize all transactions and
adjustments required in the Central Printing Fund accounts.b. Prepare closing entries for the
Central Printing Fund accounts as of June 30, 20X9.c. Prepare a postclosing trial balance for
the Central Printing Fund as of June 30, 20X9.d. Prepare a schedule computing the amounts to
be reported for each of the three net position components in the statement of net position at
June 30,20X9. View Solution: The city of Morristown operates a printing shop through an
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