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City University, a nonprofit college, is required by the Board of Regents to transfer $500,000 from its General Fund to its Sinking Fund at the end of each year. On December 31st, City University transfers $350,000 in cash. Show how city University would record this transaction. Please show the impact on both funds and the fundamental accounting equation.

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City University, a nonprofit college, is required by the Board of Regents to transfer $500,000 from its General Fund to its Sinking Fund at the end of each year. On December 31st, City University transfers $350,000 in cash. Show how city University would record this transaction. Please show the impact on both funds and the fundamental accounting equation.

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Required transfer amount 500,000 from general fund to sinking fund
12/31 transfer 350,000

Journal entry:
Sinking Fund 350,000
General Fund ...

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