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 Expendituresculture salaries and Expendituresculture supplies accounts, respectively.

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 . To record transfer out to Library Special Revenue Fund. To record receipt of transfer funds. 2 3 4 Expenditures - culture salaries