Transactions: 1. a Loan of $50 Was Made from the General

Essay

Transactions:
1. A loan of $50 was made from the General Fund to the Gasoline Tax Fund GTF, which is accounted for as a Special Revenue Fund. The loan will be repaid in five years.
2. The General Fund loaned $320 to the Capital Projects Fund-to be repaid in 90 days.
Requirement: Prepare the general journal entries using standard fund-type terminology, identifying the fund or nonfund accounts for which the entry is being prepared. Appropriate abbreviations are acceptable e.g., GF, SRF, CPF, DSF, GCA, GLTL, OFS, or OFU. If no entry is required, write "No Entry Required" and briefly explain why. Do not include formal entry explanations or dates, but include any important assumptions made and all calculations.