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Prepare the journal entry in the other affected fund

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Reference no: EM131701610

Question: (Interfund transactions) The following interfund transactions occurred in Becca City's General Fund during the year ended December 31, 2012. For each transaction, describe its nature (e.g., is it an interfund transfer, an interfund loan, etc), 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 (the Special Revenue Fund was to repay the loan in September 2012).

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.

Reference no: EM131701610

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