Business, 26.06.2020 15:01 HammondE

The following transactions relate to the city of Monticello for the fiscal year ended June 30, 2018. Prepare (a) all the journal entries needed to record these transactions, and identify the fund(s) used. Also, prepare (b) a statement of revenues, expenses, and changes in fund net position for the Central Supplies Fund for fiscal year-end 2018 and (c) a statement of net position as of June 30, 2018. 1. The city established a Central Supplies Fund for the purpose of handling the acquisition and disbursement of supplies for the entire city. The General Fund made an initial capital contribution of $75,000 to the fund.

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