The governmental funds report a total of $2,000,000 Transfers In and $1,500,000 Transfers Out. To consolidate governmental activities what amount will be eliminated from the Transfers In and Transfers Out accounts among the governmental funds?

Question

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The journal entry would be a debit to Other Financing Sources Transfers In and a credit to Other Financing Uses Transfers Out for $1,500,000.

The Governmental Funds Report a Total of $2,000,000 Transfers in and $1,500,000