Homework Answers
Solution:
| Journal Entries | |||
| Event | Particulars | Debit | Credit |
| 1 | Cash Dr | $350,000.00 | |
| To Advance from general fund | $250,000.00 | ||
| To Transferred In from general fund | $100,000.00 | ||
hence 2nd option is correct.
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Question text
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established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
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billed other funds for...
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established a central supplies storehouse to service its several
funds. The general fund contributed $26,000,000 (nonrefundable) to
aid in the establishment of the supplies storehouse. It was agreed
that the storehouse would charge other funds for the purchase price
of supplies plus 15%. During the year, the storehouse purchased
$22,000,000 of supplies, paid operating expenses of $3,000,000, and
billed other funds for $21,275,000. All...
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