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interfund t ransfers and t ransactions during 20×8 the following transfers and trans 733861

Interfund T ransfers and T ransactions

During 20X8, the following transfers and transactions between funds took place in the City of

Matthew.

1. On March 1, a $12,000 transfer was made from the general fund to establish a building mainte nance internal service fund. Matthew uses transfer accounts for this type of transfer.

2. On April 1, the general fund made an $8,000, six month loan to the building maintenance ser vice fund.

3. On April 15, $2,400 was transferred from the general fund to the debt service fund to pay interest.

4. On May 5, Matthew’s transportation service fund billed the general fund $825 for April services.

Required

a. Prepare journal entries for the general fund and the other fund involved at the time of each transfer or transaction.

b . For each transfer or transaction, prepare the appropriate closing entries for the general fund and the other fund involved for the year ended June 30, 20X8.

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