The Following Balances Exist at Year End Within the Governmental

question 114

Multiple Choice

The following balances exist at year end within the governmental activities of a government unit:
Transfers In:
150,000
Transfers Out:
120,000
When compiling the government-wide financial statements,the journal entry to eliminate the transfer activity will include:

• A) A debit of $120,000 to Transfers In
• B) A debit of $30,000 to Transfers In
• C) A debit of $120,000 to Transfers Out
• D) None of the above

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