Author Question: The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of 750,000, ... (Read 106 times)

Engineer · **on:** Jul 6, 2018

The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of 750,000, other financing sources of 50,000, and expenditures of 725,000 . The closing entry in the Special Revenue Fund would be
Debit Credit

A. Expenditures
Net profit
Revenues
Other Financing Sources 725,000
75,000

750,000
50,000
B. Expenditures
Other Financing Uses
Revenues
Other Financing Sources 725,000
75,000

750,000
50,000
C. Revenues
Other Financing Sources
Expenditures
Other Financing Uses 750,000
50,000

725,000
75,000
D. Revenues
Other Financing Sources
Expenditures
Fund Balance 750,000
50,000

725,000
75,000

Question 2

Which of the following funds would not be eligible for major fund reporting?

a. General Fund
b. Enterprise Fund
c. Debt Service Fund
d. Internal Service Fund
e. All of the above could be reported as a major fund.