The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for

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The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for the transaction, and identify the fund(s) used.

1. The General Fund transferred $ 100,000 as a capital contribution to establish the fund.

2. The Purchasing Fund billed revenues of $ 200,000.

3. The Purchasing Fund incurred expenses of $ 300,000.

4. The General Fund subsidized the operations of the Purchasing Fund by transferring an additional $ 100,000 to the fund.

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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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Question Posted: Dec 30, 2014 04:52 AM

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The following transactions occurred regarding the Central Purchasing Fund, an Internal Service Fund. Record the entries for

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1 GF Transfer out to Internal Service Fund x contributed capital 100000 Cash 100000 ISF Ca...View the full answer

Introduction to Governmental and Not for Profit Accounting

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