(Fund definitions through examples) For each of the following situations, indicate which fund would be used to...
Question:
(Fund definitions through examples) For each of the following situations, indicate which fund would be used to report the transaction. 1. A city-owned electric utility sent bills to the city and a separate school board. 2. The General Fund made a periodic payment to a city-owned electric utility as a subsidy of its rates. 3. The city issued property tax bills. These are expected to be collected within the accounting year. 4. The city purchased new police cars. 5. The city paid the principal and interest on a bond issue from resources that were accumulated for the purpose of making the payment. 6. A centralized purchasing facility billed the general city operations for part of the cost of the purchasing operations. 7. The city levied a special hotel tax dedicated to paying principal and inter- est on outstanding debt.
Step by Step Answer:
Introduction To Government And Not For Profit Accounting
ISBN: 9780130464149
5th Edition
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch