In: Accounting
E10.12 Interfund Transactions
Interfund transfers of the general fund of Timberline County for 2020 were as follows:
1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.
2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county’s contribution to fire and emergency medical service activities for the year.
3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.
4. $3,000,000 to the County Hospital (enterprise fund), as the city’s cost of services provided.
5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.
6. $2,000,000 from the Park Development special revenue fund, to repay the advance.
Required
For each of the above interfund transfers, state how the transaction is reported on the general fund’s balance sheet and/or statement of revenues, expenditures, and changes in fund balances.
Interfund transfer of the general fund of Timberline Country 2020 | |||
1 | General Fund | Debit($) | Credit ($) |
Due from the park developement Special revenue | 20,00,000 | ||
cash | 20,00,000 | ||
( to record short term advance ) | |||
park developement | |||
cash | 20,00,000 | ||
Due to General Fund | 20,00,000 | ||
( to record receipt short term Loan) | |||
2 | General Fund | ||
Transfer out to Timberline Country Fire Protection | 15,00,000 | ||
cash | 15,00,000 | ||
( contibuton towards fire and emergency medical) | |||
Timberline Country Fire Protection | |||
Cash | 15,00,000 | ||
Transfer in from general fund | 15,00,000 |
4 | General Fund | ||
Transfer out to Country Hospital | 30,00,000 | ||
cash | 30,00,000 | ||
( contributon towards cost of services) | |||
Country Hospital | |||
Cash | 30,00,000 | ||
Transfer in from general fund | 30,00,000 |
5 | General Fund | ||
Transfer out to Airport Fund | 29,00,000 | ||
cash | 29,00,000 | ||
( contributon towards temporary finance the maintenance of runways | |||
Airport Fund | |||
Cash | 29,00,000 | ||
Transfer in from general fund | 29,00,000 |
6 | General Fund | ||
Cash | 20,00,000 | ||
Due to Park development | 20,00,000 | ||
received from park development -repay in advance | |||
Park development | |||
Due from General Fund | 20,00,000 | ||
Revenue | 20,00,000 |
3 | General Fund | ||
Cash | 5,00,000 | ||
Due to Road Capital | 5,00,000 | ||
received from Road Capital -unspent proceeds of a bond | |||
Road Capital | |||
Due from General Fund | 5,00,000 | ||
Revenue | 5,00,000 |