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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Closing Entries for the Operating Accounts?

Transcribed Image Text:**Transcription for Educational Website:**
---
**Instruction:**
Prepare closing entries for the Human Resource Fund (ignore government-wide closing entry). **(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)**
**Interface Description:**
- **View transaction list** - a button to access the list of transactions.
---
**Journal Entry Worksheet:**
- **Tabs:** A, B, C, D (currently on tab A).
- **Instruction Box:**
- "Record the entry to close the operating statement accounts."
- **Note:**
- "Enter debits before credits."
**Journal Entry Table:**
- **Columns:**
- **Transaction**: Sequential numbering starting with 1.
- **General Journal**: Field to input the account name.
- **Debit**: Field to input the debit amount.
- **Credit**: Field to input the credit amount.
- **Rows:** Multiple lines available for entry under the aforementioned columns.
**Additional Fields:**
- **Explanation:** A field for entering a detailed explanation of the transaction.
**Buttons:**
- **Record entry**: To save the entry.
- **Clear entry**: To remove the current entry.
- **View general journal**: To access the full journal ledger.
---
This transcription and interface breakdown provide guidance on how to navigate and use the journal entry worksheet for closing entries in an accounting setting.

Transcribed Image Text:### Transaction Journal Entries for Educational Purposes
#### Transaction 1
- **Fund / Governmental Activities**: Internal Service Fund
- **General Journal Entry**:
- Description: Record the $100,000 transfer to cover initial expenses from the General Fund. The transfer is not expected to be repaid.
- **Debit**: Cash $100,000
- **Credit**: Interfund Transfer In $100,000
- **Fund / Governmental Activities**: Governmental Activities
- **General Journal Entry**:
- Description: No Journal Entry Required
#### Transaction 2
- **Fund / Governmental Activities**: Internal Service Fund
- **General Journal Entry**:
- Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218.
- **Debit**: Leased Assets $87,218
- **Credit**:
- Cash $5,000
- Lease Obligations Payable $82,218
- **Fund / Governmental Activities**: Governmental Activities
- **General Journal Entry**:
- Description: Record the 2-year computer lease with an initial $5,000 payment. The present value of the remaining payments is $82,218.
- **Debit**: Leased Assets $87,218
- **Credit**:
- Cash $5,000
- Lease Obligations Payable $82,218
#### Transaction 3
- **Fund / Governmental Activities**: Internal Service Fund
- **General Journal Entry**:
- Description: Record the $15,000 salaries and wages paid to employees.
- **Debit**: Salaries and Wages Expense $15,000
- **Credit**: Cash $15,000
- **Fund / Governmental Activities**: Governmental Activities
- **General Journal Entry**:
- Description: Record the $15,000 salaries and wages paid to employees.
- **Debit**: Expenses—General Government $15,000
- **Credit**: Cash $15,000
#### Transaction 4
- **Fund / Governmental Activities**: Internal Service Fund
- **General Journal Entry**:
- Description: Record the $2,500 office supplies purchased on account.
- **Debit
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