The City of Holbrook Transferred $100,000 from the General Fund

question 40

Multiple Choice

The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest.The appropriate entry in the General Fund to record this transfer would be

• A)Debit Expenditures $100,000; Credit Cash $100,000.
• B)Debit Other financing uses-transfer out $100,000; Credit Cash $100,000.
• C)Debit Fund balance-transfer out $100,000; Credit Cash $100,000.
• D)Debit Other financing sources-transfer in $100,000; Credit Cash $100,000.