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Identify the incorrect credits to correct them

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Question: (Correction of errors) A city's General Fund received cash from the following sources during fiscal year 2012. All the receipts were credited to revenue accounts. Identify the incorrect credits (some may be correct), and make journal entries to correct them.

1. The General Fund received $10,000 from the Debt Service Fund when the Debt Service Fund was closed out after a bond issue was fully paid.

2. The General Fund received $15,000 from the Parks Special Revenue Fund for that fund's share of the cost of an electric bill previously paid by the General Fund. The receipt was in response to a billing from the General Fund to the Parks Special Revenue Fund.

3. After meeting all eligibility requirements, the General Fund received $20,000 from the state as a grant that could be used at any time.

4. The General Fund received $25,000 from the state as an advance on a grant. The state required the city to use the grant for expenditures to be incurred during 2013.

5. The General Fund received $30,000 from the collection of parking meter fees.

Reference no: EM131701686

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