Prepare general fund journal to record the following cash transfers that a city made from its general fund to other funds. Be sure your entry reflects the nature of the transfer.

1. 4,000,000 to provide start-up capital to a newly established internal service fund that will account for the city's data processing activities.
2. 50,000 to pay for data processing services provided by the data processig internal service fund.

I need help with journal entries please. Prepare general fund journal entries to record the following cash transfers that a city made from its general fund to other funds. I have to make sure my entry reflects the nature of the transfer.

1.4,000,000 to provide start-up capital to a newly established internal service fund that will account for the city's data processing activities.

2. 50,000 to pay for data processing services provided by the data processing internal service fund.

3. 38,000 to reimburse the capital projects fund for equipment rental costs that it incurred on behalf of activities accounted for in the general fund.

4. 300,000 to pay the electric utility fund for four months of electric service.

5. 600,000 to enable the debt service fund to make timely payments of princinpal and interest on outstanding general obligation debt.

You should always post your own attempts to do a problem first.

However, it may be irrelevant because I don't know if anyone on here does fund accounting. It's a specialized area. I had like one chapter of it in an advanced class a bazillion years ago.

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Originally Posted by child of God

Prepare general fund journal to record the following cash transfers that a city made from its general fund to other funds. Be sure your entry reflects the nature of the transfer.

1. 4,000,000 to provide start-up capital to a newly established internal service fund that will account for the city's data processing activities.
2. 50,000 to pay for data processing services provided by the data processig internal service fund.

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Quote:

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Originally Posted by child of God

Prepare general fund journal to record the following cash transfers that a city made from its general fund to other funds. Be sure your entry reflects the nature of the transfer.

1. 4,000,000 to provide start-up capital to a newly established internal service fund that will account for the city's data processing activities.
2. 50,000 to pay for data processing services provided by the data processig internal service fund.

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Cash A/c 4000000
Capital A/c 4000000

Services provided A/c 50000
Cash A/c 50000