Fund / Governmental Activties ransaction General Journal Debit Credit 1. The Fir

Question

Fund / Governmental Activties ransaction General Journal Debit Credit 1. The Fire Department, a governmental activity accounted for within the General Fund, purchased $200,000 of water from the Water Utility Fund, an enterprise fund. General Fund Governmental Activities Enterprise Fund 2. A special revenue fund was awarded a $250,000 reimbursement grant. The General Fund advances $100,000 to the special revenue fund for a short-term period to cover initial costs associated with the grant's purpose General Fund Governmental Activities Special Revenue Fund 3. The General Fund transferred its annual contribution of $200,000 to the debt service fund for interest and principal on general obligation bonds due during the year General Fund Governmental Activities

Explanation / Answer

Transaction Fund/Governmental Activities General Journal Debit Credit 1 General Fund Expenditures $200,000 To Cash $200,000 Govermental Activities Expenses - public safety $200,000 To Cash $200,000 Enterprise Fund Cash $200,000 To Revenues $200,000 2 General Fund Interfund Loans receivable - current $100,000 To Cash $100,000 Govermental Activities No Entry Special Revenue Fund Cash $100,000 To Interfund loans payabel - current $100,000 3 General Fund Other financing uses - interfund transfers out $200,000 To Cash $200,000 Governmental Activities No Entry Debt Service Fund Cash $200,000 To Other financing sources - interfund transfers in $200,000 4 General Fund Cash $7,000 To other financing sources - interfund transfers in $7,000 Governmental Activities No Entry Capital Projects Fund Other Financing sources - interfundtransfers out $7,000 To Cash $7,000 5 General Fund Interfund Loans Receivable - Noncurrent cash $100,000 To Cash $100,000 Governmental Activities No Entry Internal Service Fund Cash $100,000 To Interfund loans payable - noncurrent $100,000

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