Posted: January 20th, 2016

How would the transfer from the permanent fund to the special revenue fund be reported in the government-wide statements?

Instructions:
1.Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they would be recorded.
2.In your opinion, should the unrealized gains on the investments held in the special revenue fund be considered expendable or nonexpendable? Explain.
3.How would the transfer from the permanent fund to the special revenue fund be reported in the government-wide statements?