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How the transaction is reported on the general funds

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Reference no: EM132440964

Question - Interfund Transactions

Interfund transfers of the general fund of Timberline County for 2020 were as follows:

1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.

2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county's contribution to fire and emergency medical service activities for the year.

3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.

4. $3,000,000 to the County Hospital (enterprise fund), as the city's cost of services provided.

5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.

6. $2,000,000 from the Park Development special revenue fund, to repay the advance.

Required - For each of the above interfund transfers, state how the transaction is reported on the general fund's balance sheet and/or statement of revenues, expenditures, and changes in fund balances.

Reference no: EM132440964

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