Prepare general fund journal entries to record the following cash transfers that a city made from its general fund to other funds. Be sure your entry reflects the nature of the transfer.
1. $4,000,000 to provide start-up-capital to a newly established internal service fund that will account for the city's data processing activities
2. $50,000 to pay for data processing services provided by the data processing internal service fund
3. $38,000 to reimburse the capital projects fund for equipment rental costs that it incurred on behalf of activities accounted for in the general fund
4. $300,000topaytheelectricutilityfundforfourmonths of electric service
5. $600,000 to enable the debt service fund to make timely payments of principal and interest on outstanding general obligation debt

  • CreatedAugust 13, 2014
  • Files Included
Post your question