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Author Question: Which of the following interfund transactions will be reported as a separate line item in the ... (Read 62 times)

skymedlock

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on: Jul 5, 2018
Which of the following interfund transactions will be reported as a separate line item in the operating statement of a General Fund?
 
  a. short-term interfund loan received
  b. transfer out to a debt service fund
  c. reimbursement received from a special revenue fund
  d. long-term interfund loan received

Question 2

Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. The adjustment for accrued fees of 1,170 was journalized as a debit to Accounts Receivable for 1,170 and a credit to Fees Earned for 1,107.


wergv

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

The total will be unequal with a debit total higher by 63 (1,170  1,107).


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