Question: During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in the Town of Bertha's 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.
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).
6. Charges to departments during the fiscal year were as follows: General Fund $308,700 Street Fund 279,300
7. Payments to the Utility Fund totaled $21,800.
8. Annual depreciation totaled $30,000 for machinery and equipment.
9. Prepare the necessary closing entry(ies).
Required: 1. Prepare the necessary journal entries at the fund level.
2. Prepare a statement of revenues, expenses and changes in net position.