Assignment Problem: Interfund Transactions
Interfund transfers of the general fund of Timberline County for 2020 were as follows:
1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.
2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county's contribution to fire and emergency medical service activities for the year.
3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.
4. $3,000,000 to the County Hospital (enterprise fund), as the city's cost of services provided.
5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.
6. $2,000,000 from the Park Development special revenue fund, to repay the advance.
Assignment Requirement: For each of the above interfund transfers, state how the transaction is reported on the general fund's balance sheet and/or statement of revenues, expenditures, and changes in fund balances.
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