Question
During 2019, the general fund of the city of Merryville had the following interfund transaction: $500,000 to the municipal transit system for the acquisition of
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During 2019, the general fund of the city of Merryville had the following interfund transaction:
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$500,000 to the municipal transit system for the acquisition of capital assets; the amount transferred will not be repaid to the general fund;
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$2,000 to the water utility fofr water tax used by the police and fire departments;
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$25,000 from the motor fuel tax fund, the amount reimbursing the mayors office for expenditures made to acquire capital assets for the fuel tax fund.
During 2019, the general fund of the city of Merryville had the following interfund transaction:
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$500,000 to the municipal transit system for the acquisition of capital assets; the amount transferred will not be repaid to the general fund;
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$2,000 to the water utility fofr water tax used by the police and fire departments;
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$25,000 from the motor fuel tax fund, the amount reimbursing the mayors office for expenditures made to acquire capital assets for the fuel tax fund.
Required:
Make the journal entry to record each of the three interfund transactions described above. Make the journal entry for Merryvilles general fund. Assume that cash was transferred when making your entries (skip recording due from other funds and due to other funds. State the type of interfund transaction for each journal entry)
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
978-0073379555
