Question
A city decided to establish a motor pool fund. The motor pool will receive a transfer of 10,000,000 to establish the account from the general
A city decided to establish a motor pool fund. The motor pool will receive a transfer of 10,000,000 to establish the account from the general fund. The motor pool fund is used to manage vehicle activity within the government.
Which accounting entry shows the transfer of funds into a motor pool from the motor pool fund perspective?
A Debit cash 10 million credit other financing sources- transfer in 10 million
B debit other financing sources- transfer in 10 million credit cash 10 million
C debit other financing sources- transfer out 10 million credit cash 10 million
D debit due from the general fund 10 million credit other financing sources transfer in 10 million
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