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The following events take place: Interest payments in the amount of $20,000 that are the responsibility of the Debt Service Fund are paid by the
The following events take place: Interest payments in the amount of $20,000 that are the responsibility of the Debt Service Fund are paid by the General Fund. The Internal Service Fund bills the Special Revenue Fund $25,000 for services performed. The Special Revenue Fund transfers $10,000 to the Internal Service Fund as a temporary loan. The General Fund transfers $150,000 to start an Internal Service Fund. Instructions Identify the inter-fund activity as a loan, services provided and used, inter-fund transfer, or inter-f und reimbursement and prepare entries in general journal form to record the transactions on the records of the fund involved
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