The city council decides to close the Library Special Revenue fund and send its remaining resources ($45,000 cash) to the General Fund. What journal entry should the Library Special Revenue Fund make?
a. Transfer out to General Fund$\quad$$\quad$45,000
$\quad$Advance to General Fund$\quad$$\quad$45,000
b. Transfer out to General Fund $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000
c. Cash$\quad$$\quad$45,000
$\quad$Transfer out to General Fund$\quad$$\quad$45,000
d. Expenditures - fund closeout $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000

Question

The city council decides to close the Library Special Revenue fund and send its remaining resources ($45,000 cash) to the General Fund. What journal entry should the Library Special Revenue Fund make?
 a. Transfer out to General Fund$\quad$$\quad$45,000
$\quad$Advance to General Fund$\quad$$\quad$45,000
b. Transfer out to General Fund $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000
c. Cash$\quad$$\quad$45,000
$\quad$Transfer out to General Fund$\quad$$\quad$45,000
d. Expenditures - fund closeout $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000

Quizplus · Accepted Answer

The Answer of The city council decides to close the Library Special Revenue fund and send its remaining resources ($45,000 cash) to the General Fund. What journal entry should the Library Special Revenue Fund make?
 a. Transfer out to General Fund$\quad$$\quad$45,000
$\quad$Advance to General Fund$\quad$$\quad$45,000
b. Transfer out to General Fund $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000
c. Cash$\quad$$\quad$45,000
$\quad$Transfer out to General Fund$\quad$$\quad$45,000
d. Expenditures - fund closeout $\quad$$\quad$45,000
$\quad$Cash$\quad$$\quad$45,000

The City Council Decides to Close the Library Special Revenue \quad

The City Council Decides to Close the Library Special Revenue $\quad$