Moving cash from the General Fund to a debt service fund for payment of debt service...
Moving cash from the General Fund to a debt service fund for payment of debt service is an example of a (an):
Multiple Choice
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Interfund transfer.
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Interfund loan.
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Interfund reimbursement.
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Quasi-external transaction.
Homework Answers
| Option A is the answer | ||
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Moving of cash from the general fund to debt service fund for the payment of debt service is an example of interfund transfer. Comment if you face any issues |
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Moving cash from the General Fund to a debt service fund for
payment of debt service...
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The a...
The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be Debit Expenditures $100,000; Credit Cash $100,000. Debit Other Financing Uses Transfer Out $100,000; Credit Cash $100,000. Debit Fund Balance Transfer Out $100,000; Credit Cash $100,000. Debit Other Financing Sources Transfer In $100,000; Credit Cash $100,000.
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...
Interfund transactions Prepare journal entries to record these interfund transactions in each affected fund: 1. The...
Interfund transactions Prepare journal entries to record these interfund transactions in each affected fund: 1. The General Fund makes a short-term loan of $75,000 to a Special Revenue Fund. General Fund Description Debit Credit Special Revenue Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt Service Fund so the latter fund can pay the debt service on general obligation bonds. General Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt...
Which of the following transactions creates an expenditure on the General Fund statement of revenues, expenditures,...
Which of the following transactions creates an expenditure on the General Fund statement of revenues, expenditures, and changes in fund balances? a.) a loan to the sewage enterprise fund b.) a transfer of resources to the debt service Fund so the Debt Service Fund can pay debt service on general obligation debt c.) a transfer of resources to the Capital Projects Fund to help pay for a major capital project d.) a purchase from the water enterprise fund
26) The best fund in which to account for the interest and dividends from an endowment...
26) The best fund in which to account for the interest and dividends from an endowment to purchase library books would be a(n) (4p Agency Fund. Endowment Fund. O Private-Purpose Trust Fund Nonexpendable Trust Fund. 27) If a county collects taxes on behalf of the city and school district, it would record the taxes (4p in the ■ Trust Fund. a Agency Fund. General Fund. Special Revenue Fund. 28) Interfund transactions include all of the following except for: (4pts) interfund...
Cash of $90,000 is transferred from a city's general fund to start construction on a police stati...
Cash of $90,000 is transferred from a city's general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. a. Assume that the city does not record the commitment. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No...
The Edward City Council approved and adopted the budget for its general fund for the year just en...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
The following is a Statement of Cash Flows for the risk management internal service fund of...
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
A county accounts for its debt service payments in the Debt Service Fund. The amount of...
A county accounts for its debt service payments in the Debt Service Fund. The amount of unmatured, unpaid interest on general long-term liabilities at the beginning of the year was $122,000. The ending balance was $165,000. The Debt Service Fund made principal payments of $600,000 and interest payments of $150,000 during the year. The Debt Service Fund should report expenditures for debt service for the year of A. $150,000. B. $722,000 C. $750,000 D.$793,000
Question 2: Discuss the basis of accounting and use of the following funds: (1)general fund, (2) debt service fund, (3)...
Question 2: Discuss the basis of accounting and use of the following funds: (1)general fund, (2) debt service fund, (3) special revenue fund, (4) permanent fund, (5) internal service fund and (6) enterprise fund.
Interfund transactions Prepare journal entries to record these interfund transactions in each affected fund: 1. The General Fund makes a short-term loan of $75,000 to a Special Revenue Fund. General Fund Description Debit Credit Special Revenue Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt Service Fund so the latter fund can pay the debt service on general obligation bonds. General Fund Description Debit Credit 2. The General Fund sends $100,000 cash to the Debt...
26) The best fund in which to account for the interest and dividends from an endowment to purchase library books would be a(n) (4p Agency Fund. Endowment Fund. O Private-Purpose Trust Fund Nonexpendable Trust Fund. 27) If a county collects taxes on behalf of the city and school district, it would record the taxes (4p in the ■ Trust Fund. a Agency Fund. General Fund. Special Revenue Fund. 28) Interfund transactions include all of the following except for: (4pts) interfund...
Cash of $90,000 is transferred from a city's general fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89 million. a. Assume that the city does not record the commitment. Prepare all necessary journal entries for these transactions for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No...
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
A county accounts for its debt service payments in the Debt Service Fund. The amount of unmatured, unpaid interest on general long-term liabilities at the beginning of the year was $122,000. The ending balance was $165,000. The Debt Service Fund made principal payments of $600,000 and interest payments of $150,000 during the year. The Debt Service Fund should report expenditures for debt service for the year of A. $150,000. B. $722,000 C. $750,000 D.$793,000
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