Question: (Journal entries for a Pension Trust Fund) The Pension Trust Fund maintained by the City of Linden had the following transactions during 2012. Record each transaction in the Pension Trust Fund. Ignore any other funds that may be involved in a transaction.
1. Contributions of $600,000 were received from General Fund employees, and the General Fund contributed its share of $100,000.
2. The fund paid $500 for investment management fees.
3. Investments held by the fund increased in value by $3,500.
4. Depreciation on fund capital assets totaled $800.
5. Retirement benefits of $7,700 were paid to retirees.
6. Interest of $2,500 and dividends of $1,400 were received from investments.