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2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...

2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and in offset each other d. As transfers in and out, in the Other financing sources (uses) section of the statement

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Answer option (b). As adjustments of the beginning of year fund balances of both funds

Because all of the Debt services Fund used for paying debt of any fund balance is Reserved for debt services , No unreserved and undesignated fund balance

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