The Library Special Revenue Fund started calendar year 3019 with a cash balance of $5,000, no liabilities, and a restricted fund balance of $5,000. Post the opening balances to the T-accts. Prepare the journal entries to record the following transctions in the Library Special Revenue Fund, and, where appropriate in the General Fund. Post the entries to the appropriate T-accts.

1. The General Fund transferred $100,000 cash to the Library Special Fund to help the library finance its activities for the year.
2. The library received a grant of $300,000 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spend.
3. The library received $20,000 from fines, donations, and various fundraising events.
4. The library paid $350,000 for salaries and $40,000 to acquire books and periodicals.   Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts respectively. 

Transcribed Image Text:

Revenue Revenue Cash Transfer in from Gen Fund Intergov Grants Miscellaneous dr cr dr cr dr cr dr cr Expenditures Expenditures Restrictedf Culture salaries Culture supplies Fund Balanç dr cr dr cr dr cr JOURNAL ENTRIES C5B-1 To record interfund transfer С5В-2 To record grant from county C5B-3 To record receipt of fines, donations and other rev С5В-4 Revenue Revenue Cash Transfer in from Gen Fund Intergov Grants Miscellaneous dr cr dr cr dr cr dr cr Expenditures Expenditures Restrictedf Culture salaries Culture supplies Fund Balanç dr cr dr cr dr cr JOURNAL ENTRIES C5B-1 To record interfund transfer С5В-2 To record grant from county C5B-3 To record receipt of fines, donations and other rev С5В-4

Answer rating: 100% (QA)

Date Page special 100000 or l00000 TO Cineral funel TO gecond interfu... View the full answer