23. San Francisco City gave a subsidy of $50,000 to the Enterprise Fund, Public Transportation Authority because transportation fares were insufficient to pay the authority's operating expenses. Make appropriate journal entries for the transaction in the general fund and the Mass Transit Authority. (6 points) Journal Entry General Fund Debit Credit Public Transportation Authority 24. Sacramento City decides to construct a new library, which it estimates will cost $8.5 million. The City will finance the library with a state construction grant of $3 million; a general obligation bond issuance of $5 million; and a transfer from the General Fund of $500,000. Prepare journal entries to record the following transactions in the Capital Projects Fund. (12 points) a. The General Fund transfers $500,000 to the Capital Projects Fund. b. The bonds are issued at face value of $5 million. C. The City signs a contract with the lowest bidder, Pert Construction, to build the library at a cost of $8.3 million. d. The state pays the City $3 million for the construction grant. The City has met all grant eligibility requirements. Debit Credit Journal Entry b C d 4