Question
Each of these transactions affects two funds. Use the following codes to identify the types of funds needed to record the transactions. GF General Fund
Each of these transactions affects two funds. Use the following codes to identify the types of funds needed to record the transactions.
GF General Fund
CPF Capital Projects Fund
DSF Debt Service Fund
SRF Special Revenue Fund
EF Enterprise Fund
ISF Internal Service Fund
PTF Pension Trust Fund
1. The fund that finances the citys day-to-day activities makes a payment to the trust fund that invests money pending payment of pensions to city employees. | 2. The citys electric utility fund sends bills to the fund that serves as a central purchasing, storage, and supply agency for all city departments. | 3. The fund that operates a central motor pool for all village departments on a cost-reimbursement basis sends a bill to several departments for services. | 4. After completing a large capital project, the city had $75,000 left in the fund. As required by city charter, the fund transferred the $75,000 to the fund that accumulates resources to pay off the bonds sold to finance the capital project. | 5. To reduce the need for borrowing, the city transferred $500,000 from the fund that pays for day-to-day operating expenditures to the fund that accumulates resources to pay for acquiring capital assets. | 6. A city ordinance decreed that all parking fines, wherever collected, be placed in a separate fund and used to maintain the city zoo. Although the fines covered virtually all operating expenditures, the fund that finances day-to-day operating expenditures transferred $30,000 to the separate fund so it could acquire several new animals. |
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