Bowdon City voted to establish an internal service fund to account for its printing services. The city transferred $500,000 cash from the general fund to the newly created internal service fund.

-The appropriate entry in the internal service fund is a debit to cash for $500,000 and a credit for $500,000 to
A) Due to general fund.
B) Nonreciprocal transfer-in.
C) Capital contribution (Revenues).
D) Investment provided by the general fund.

Question

Bowdon City voted to establish an internal service fund to account for its printing services.  The city transferred $500,000 cash from the general fund to the newly created internal service fund.

-The appropriate entry in the internal service fund is a debit to cash for $500,000 and a credit for $500,000 to
A) Due to general fund.
B) Nonreciprocal transfer-in.
C) Capital contribution (Revenues).
D) Investment provided by the general fund.

Quizplus · Accepted Answer

The Answer of Bowdon City voted to establish an internal service fund to account for its printing services.  The city transferred $500,000 cash from the general fund to the newly created internal service fund.

-The appropriate entry in the internal service fund is a debit to cash for $500,000 and a credit for $500,000 to
A) Due to general fund.
B) Nonreciprocal transfer-in.
C) Capital contribution (Revenues).
D) Investment provided by the general fund.

Bowdon City Voted to Establish an Internal Service Fund to Account