shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000

Internal Service Fund: A fund that primarily provides either benefits or goods or services to other…

Answered: shak City creates a new internal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction?

	None of these
	Debit cash $100,000; credit due to internal service fund $100,000
	Debit due from internal service fund $100,000; credit cash $100,000
	Debit transfers in/out $100,000; credit cash $100,000
	Debit cash $100,000; credit transfers in/out $100,000

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