Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help the library finance its activities for the year. 2. The library received a grant of $300 from the county. The grant must be used only for library purposes, but there is no requirement as to when it must be spent. 3. The library received $20 from fines, donations, and various fundraising events. 4. The library paid $350 for salaries and $40 to acquire books and periodicals. Charge the Expenditures-culture salaries and Expenditures-culture supplies accounts, respectively. X Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Library Special Revenue Fund: LSRF). Ref. Fund Description Debit Credit 1 LSRF *Due from Library Special Revenue Fund x 100 0 Due to General Fund 0 100 To record transfer out to Library Special Revenue Fund. GF x Cash 100 0 Transfer out to Library Special Revenue Fund 0 100 To record receipt of transfer funds. 2 LSRE Due from Library Special Revenue Fund x 300 Revenues - intergovernmental grants 0 300 GE xDue to General Fund 20 0 Revenues - miscellaneous 0 20 4 *Expenditures - culture salaries 350 0 Expenditures - culture supplies 40 Due to General Fund 0 390 0 3