A credit to an account in the accounts payable ledger would have been posted from the cash payments journal if special journals are used.
a. True
b. False
Indicate whether the statement is true or false
Question 2
General Fund salary expenditures were inadvertently paid from and recorded as expenditures in the Highways and Streets Special Revenue Fund. To correct this situation, a liability to the Special Revenue Fund is recorded in the General Fund.
This transaction is an example of an interfund
a. transfer.
b. services provided and used transaction.
c. reimbursement transaction.
d. loan.
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