Hogan City has an electric utility fund that is managed by Zack Smith. Show the journal entries
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Question:
Hogan City has an electric utility fund that is managed by Zack Smith. Show the journal entries that would be recorded in the electric utility fund for the following transactions that occurred during the fiscal year ended June 30, 2021:
1. The electric utility fund provided electric services to city departments accounted for in the general fund. The electric utility fund bills $100,000 for these services.
2. The general fund pays the amount owed.
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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