General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance. The recording of other financing uses - transfer out in the general fund where the transfer out of $30,000 is made in the library debit service fund.

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Chapter 17, Problem 17.18.24P

To determine

Concept introduction:

General fund: It accounts for all financial resources except for those accounted for in another fund. It includes transactions for general governmental services provided by the entity’s executive, legislative, and judicial operations. The accounting for the general fund includes accounting for the inter-fund activities on the general fund’s operating statement, the statement of revenues, expenditures, and changes in fund balance.

The recording of other financing uses - transfer out in the general fund where the transfer out of $30,000 is made in the library debit service fund.

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