Business Finance
University of Nairobi Accounting Quiz Question

University of Nairobi

Question Description

Need help with my Accounting question - I’m studying for my class.

please answer me the one question in 20 minutes! Thank you very much!!!!!!!!!!!!

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The Beacon Community Service Center, a nonprofit organization, uses fund accounting. The center is experiencing a short-term cash-flow problem and needs to borrow $60,000 to meet its payroll. The Center has $1,900,000 in its building fund. The Center’s finance officer assures the executive director that they can borrow the money from the building fund to meet its operating needs as long as it is paid back. How would you record this transaction from the perspectives of the operating fund and the building fund respectively? ...
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Final Answer

The asset—increases $60,000, which...

ChrisLabreTutor (18478)
Duke University

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