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The general fund of a state or local government lends $50,000 to an internal service fund for an equipment purchase on the second day of
The general fund of a state or local government lends $50,000 to an internal service fund for an equipment purchase on the second day of the fiscal year. The loan is to be repaid in 9 months. The internal service fund records which journal entry? Cash $50,000 Loan payable -- noncurrent $50,000 Equipment $50,000 Cash $50,000 Cash $50,000 Interfund loan payable -- current $50,000 Cash $50,000 Interfund transfer from general fund $50,000
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