Author Question: The city council decides to close the Library Special Revenue fund and send its remaining resources ... (Read 65 times)

bio_gurl · **on:** Jul 5, 2018

The city council decides to close the Library Special Revenue fund and send its remaining resources (45,000 cash) to the General Fund. What account should the Library Special Revenue Fund debit when it sends the cash to the General Fund?

a. advance to general fund
b. transfer out to general fund
c. due from general fund
d. expenditures - fund closeout

Question 2

Expenses that are incurred in operating the enterprise increase owner's equity.
a. True
b. False
Indicate whether the statement is true or false