On June 14, 2011, Fred City agreed to transfer cash of $52,000 from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund. The cash was transferred on June 30.
Required:
(A) Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements.
(B) Prepare all the required journal entries and identify the type of activity for the Government-Wide Financial Statements.

Question

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The Answer of On June 14, 2011, Fred City agreed to transfer cash of $52,000 from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund. The cash was transferred on June 30.
Required:
(A) Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements.
(B) Prepare all the required journal entries and identify the type of activity for the Government-Wide Financial Statements.

On June 14, 2011, Fred City Agreed to Transfer Cash