question archive [4-a-14] In December 2020, the General Fund transferred $17,500 to the Street Improvement Bond Debt Service Fund to assist with an interest payment due on January 1, 2021
[4-a-14] In December 2020, the General Fund transferred $17,500 to the Street Improvement Bond Debt Service Fund to assist with an interest payment due on January 1, 2021
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[4-a-14] In December 2020, the General Fund transferred $17,500 to the Street Improvement Bond Debt Service Fund to assist with an interest payment due on January 1, 2021. Required: Record this transaction in the General Fund only. The transaction has no effect at the government- wide level since it occurs between two governmental activities.
Do not record this transaction in the Street Improvement Bond Debt Service Fund until instructed to do so in Chapter 6 of this case.
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Answer:
| Particular | Debit ($) | Credit ($) |
| General fund | ||
| Other Financing uses transfet out | 17,500 | |
| Cash/Bank A/C | 17,500 | |
| (Amount of 17,500 transferred to the street improvement bond service fund to assist with an interest payment and entry to be recorded in general fund only) |
