Business, 14.10.2019 18:10 mrfloyd1250
The following interfund transactions occurred in becca city’s general fund during the year ended december 31, 2019. for each transaction, describe its nature (e. g., is it an interfund transfer, an interfund loan), prepare the journal entry in the general fund, and prepare the journal entry in the other affected fund. 1. received an invoice for $15,000 from the city’s electric utility fund for electricity service in october. 2. loaned $30,000 to the parks special revenue fund in may 2019 (the special revenue fund was to repay the loan in september 2019). 3. gave $50,000 to the city’s mass transit authority as a subsidy because transit fares were insufficient to pay the authority’s operating expenses. 1. this is an example of: answer
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The following interfund transactions occurred in becca city’s general fund during the year ended dec...
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