Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events: GF General Fund SRF Special Revenue

Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events:

GF General Fund

SRF Special Revenue Fund

DSF Debt Service Fund

CPF Capital Projects Fund

PF Permanent Fund

___ 1. The city transferred cash to the fund used to accumulate resources to pay bond principal and interest.

___ 2. The city received its share of a state sales tax that is legally required to be used to finance library operations.

___ 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs.

___ 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets.

___ 5. The city received a grant from the state to build an addition to the city hall.

___ 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station.

___ 7. The mayor was paid his monthly salary.

___ 8. Expenditures for the operation of the Police Department were recorded.

___ 9. Parks admissions fees, dedicated for use in day-to-day maintenance of the city park system, were collected.

___ 10. The city paid a contractor who had completed a report on the potential for improving police deployment as a way to reduce the crime rate.

___ 11. The city workers were paid their weekly salaries.

___ 12. The city retired some of its outstanding bonds, using money accumulated for that purpose.

___ 13. A federal grant was received to help pay for the cost of constructing the new city hall.

___ 14. The city received a donation from a taxpayer with the stipulation that it be invested and kept in perpetuity, so that the income from the investments could be used to buy library books.

___ 15. The city received income from the investments made in the previous activity.

Step by Step Solution

3.49 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

1 Capital projects fund 2 Permanent fund 3 General fund 4 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Finance questions

Question

Please solve and provide detailed steps.

Answered: 1 week ago

Question

Explain the Hawthorne effect.

Answered: 1 week ago