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A city loans $1 million from its General Fund to

Question : A city loans $1 million from its General Fund to : 1163

A city loans $1 million from its General Fund to its Airport Fund (an Enterprise Fund). The money is intended to provide working capital for a new airport. The loan is expected to be repaid in 10 years, after the new airport becomes profitable. What type of interfund transaction is this? What are the appropriate journal entries (if any) for the General Fund, the Airport Fund, the Governmental Activities and the Business-Type Activities?

 

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Accounting 1 Year Ago 204 Views
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