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The General Fund transferred $700,000 to a Debt Service Fund. Prepare the journal entry for...

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Accounting

The General Fund transferred $700,000 to a Debt Service Fund. Prepare the journal entry for the transaction in the Debt Service Fund.

A Government levied $500,000 in special assessments. The assessments are due and payable in equal installments in the middle of each fiscal year for the next 5 years. Assume that all installments are collected when due. Prepare the journal entry at the time the assessment was levied.

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