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The general fund makes a short-term loan

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Reference no: EM13869313

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.
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.
3. The General Fund receives a bill for $45,000 from the Motor Pool Internal Service Fund for motor vehicle services provided to city agencies in April.
4. The General Fund had previously paid $34,000 for consulting services and recorded the entire amount as expenditures. It now bills the Capital Projects Fund $10,000 for that fund share of the consulting services.

Reference no: EM13869313

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