The manner in which a transfer is accounted for depends on its nature. Prepare general...
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Accounting
The manner in which a transfer is accounted for depends on its nature. Prepare general fund journal entries to record the following cash transfers that a city made from its general fund on other funds. Be sure your entry reflects the nature of the transfer. 1. $4,000,000 to provide startup capital to a newly established internal service fund that will account for the city's data processing activities. 2. $50,000 to pay for data processing services provided by the data processing internal service fund. 3. $38,000 to reimburse the capital project fund for equipment rental costs that it incurred on behalf of activities accounted for in the general fund. 4. $300,000 to pay the electric utility fund for fur mnths of electric service. 5. $600,000 to enable the debt service fund to make timely payments of principal and interest on outstanding general obligation debt.
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