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The City of Southern Pines maintains its books so as to prepare fund accounting statements and...

The City of Southern Pines maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements.  You are to prepare, in journal form, worksheet adjustments for each of the following situations.  

Transfers out from the General Fund to other funds were as follows: 1 entry

  • To CPF $400,000
  • To DSF $590,000
  • To EF    $950,000
  • To ISF $225,000

Here is everything what I was given

Solutions

Expert Solution

Answer:

The required journal entries are given below:

Transaction General Journal Debit Credit
1 Transfer out (CPF) $                     4,00,000
   Cash $                     4,00,000
2 Transfer out (DSF) $                     5,90,000
   Cash $                     5,90,000
3 Transfer out (EF) $                     9,50,000
   Cash $                     9,50,000
4 Transfer out (ISF) $                     2,25,000
   Cash $                     2,25,000

ekkarill92 answered 1 year ago
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