For each of the following events or transactions, identify the fund or funds that will be affected.
Question:
For each of the following events or transactions, identify the fund or funds that will be affected.
1. The principal, interest, and related charges from a city’s general long-term debt bond issue will be handled in a fund established for that purpose.
2. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent.
3. A wealthy citizen donates $10,000,000 for city park maintenance. The principal may be spent as needed.
4. A village collects cigarette taxes from vendors. The tax funds must be remitted to the state.
5. The city issued general obligation bonds at par to finance construction of a government office building.
Step by Step Answer:
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith