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Accounting for Governmental and Nonprofit Entities (15th Edition)
Chapter 7, Problem 8SEP
7-8 Enterprise Fund Journal Entries and Fianancial statements
Other information on the questions is not related with my questions
Home work just request to make journal entry
Please reply to my questions directly
Government accounting textbook
Homework request journal entry:
Homework question: (City of Bay Lake Water Utility Fund)
The utility fund transfer $800000 in excess operating income to the General fund
Chegg post answer as follows,
Debit Inter-fund transfer outs 800000
Credit cash 800000
Question:
What type of account is Inter-fund transfer outs to General fund from utility fund ?
Is this transfer was "advance to general fund"? expense? other expense,
If not, what is it? General fund need to pay back?
Why this amount $800000 showed in statement of revenue, expense and changes in fund position?
Answer & Explanation
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