Prepare journal entries in the motor pool department of Hill County to record each of the following transactions.
1.The General Fund contributed $50,000 cash to the motor pool department.The motor pool department purchased four vehicles on July 1,2011 by paying $50,000 down and borrowing $70,000 on a 5%,3-year note.
2.Billed General Fund departments $430,000 for services provided to those departments.Billings to the Enterprise Fund totaled $210,000.All billings were collected by year-end(June 30,2012)except for $80,000 charged to the General Fund.
3.Accrued year-end adjustments at June 30,2012 for interest expense and depreciation.The useful life of the equipment is 5 years with no salvage value.

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The Answer of Prepare journal entries in the motor pool department of Hill County to record each of the following transactions.
1.The General Fund contributed $50,000 cash to the motor pool department.The motor pool department purchased four vehicles on July 1,2011 by paying $50,000 down and borrowing $70,000 on a 5%,3-year note.
2.Billed General Fund departments $430,000 for services provided to those departments.Billings to the Enterprise Fund totaled $210,000.All billings were collected by year-end(June 30,2012)except for $80,000 charged to the General Fund.
3.Accrued year-end adjustments at June 30,2012 for interest expense and depreciation.The useful life of the equipment is 5 years with no salvage value.

Prepare Journal Entries in the Motor Pool Department of Hill