During 20X8, the following transfers and transactions between funds took place in the City of...
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Accounting
During X the following transfers and transactions between funds took place in the City of Matthew. On March a $ transfer was made from the general fund to establish a building maintenance internal service fund. Matthew uses transfer accounts for this type of transfer. On April the general fund made an $ sixmonth loan to the building maintenance service fund. On April $ was transferred from the general fund to the debt service fund to pay interest. On May Matthews transportation service fund billed the general fund $ for April services. Required: Prepare journal entries and appropriate closing entries for the general fund involved that should be recorded at the time of each transfer or transaction. Prepare journal entries and appropriate closing entries for the other fund involved that should be recorded at the time of each transfer or transaction.
During X the following transfers and transactions between funds took place in the City of Matthew.
On March a $ transfer was made from the general fund to establish a building maintenance internal service fund. Matthew uses transfer accounts for this type of transfer.
On April the general fund made an $ sixmonth loan to the building maintenance service fund.
On April $ was transferred from the general fund to the debt service fund to pay interest.
On May Matthews transportation service fund billed the general fund $ for April services.
Required:
Prepare journal entries and appropriate closing entries for the general fund involved that should be recorded at the time of each transfer or transaction.
Prepare journal entries and appropriate closing entries for the other fund involved that should be recorded at the time of each transfer or transaction.
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