The following inter-fund transactions occurred in ULUS City between General Fund and Enterprise Fund.Journalize these transactions in both funds. 1. Enterprise fund liquidated one of their projects and sent the remaining cash $1,000 to the general fund. 2. General fund paid $7,000 as auditing fees, 2,000 of them for Enterprise fund. It now bills the Enterprise fund for that fund’s share of service. 3. General fund lent $11,000 as long term loan to the Enterprise fund. 4. General fund paid $5,000 cash for five copy machines. It discovers that $1,000 of that amount is for Enterprise fund. General fund required reimbursement.
The following inter-fund transactions occurred in ULUS City between General Fund and Enterprise Fund.Journalize these transactions in both funds. 1. Enterprise fund liquidated one of their projects and sent the remaining cash $1,000 to the general fund. 2. General fund paid $7,000 as auditing fees, 2,000 of them for Enterprise fund. It now bills the Enterprise fund for that fund’s share of service. 3. General fund lent $11,000 as long term loan to the Enterprise fund. 4. General fund paid $5,000 cash for five copy machines. It discovers that $1,000 of that amount is for Enterprise fund. General fund required reimbursement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following inter-fund transactions occurred in ULUS City between General Fund and Enterprise Fund.Journalize these transactions in both funds.
1. Enterprise fund liquidated one of their projects and sent the remaining cash $1,000 to the general fund.
2. General fund paid $7,000 as auditing fees, 2,000 of them for Enterprise fund. It now bills the Enterprise fund for that fund’s share of service.
3. General fund lent $11,000 as long term loan to the Enterprise fund.
4. General fund paid $5,000 cash for five copy machines. It discovers that $1,000 of that amount is for Enterprise fund. General fund required reimbursement.
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