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A governmental entity has a General Fund and an Enterprise Fund. At the beginning of the year, neither fund has any unpaid salary liability. During
A governmental entity has a General Fund and an Enterprise Fund. At the beginning of the year, neither fund has any unpaid salary liability. During the year, both funds paid salaries of $600,000. In addition, salaries for the last three days of the fiscal year ($15,000 for each fund) will be paid during the first week of the next
fiscal year.
How much should each fund report as salary expenditures (expenses) for the fiscal year?
General Fund
$615,000
Enterprise Fund
$615,000
General Fund
$615,000
Enterprise Fund
$600,000
General Fund
$600.000
Enterprise Fund
$615,000
General Fund
$600,000
Enterprise Fund
$600.000
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