EXERCISE 18-10 Identify the Fund LO 2 LO 8 Write the name of the fund(s) in which each of the following transactions or events would be recorded. 1. Bonds, the proceeds of which were to be used for the construction of a new City Hall, were issued. 2. A sum of money was appropriated, to be advanced from monies on hand, to finance the establishment of a City Garage for servicing city-owned transportation equipment. 3. A contribution was received from a private source. The use of the income earned on the investment of this sum of money was specifically designated by the donor. 4. Proceeds received from a bond issue were used for the purchase of the privately owned water utility in the city. 5. Property taxes designated to be set aside for the eventual retirement of the City Hall building bonds were collected. 6. Real estate and personal property taxes, which had not been assessed or levied for any specific purpose, were collected. 7. Payment was made to the contractor for progress made in the construction of the new City Hall. 8. Interest was paid on the bonds issued for the purchase of the water utility. 9. Bonds, the proceeds of which are to be used to pay for the improvement of streets in the residential district, were issued. The debt is 9. Bonds, the proceeds of which are to be used to pay for the improvement of streets in the residential district, were issued. The debt is to be serviced by assessments on the property benefited. The government is obligated to the bondholders to assure the timely payment of principal and interest on the debt. 10. Salaries of personnel in the office of the mayor were paid. 11. Interest was paid on the City Hall building bonds. 12. Installment payments were received from the property owners assessed for the street improvement project. 13. Interest was paid on bonds issued for the payment of the improvement of streets in the residential district. 14. Interest was received on the investment of moneys set aside for the retirement of the City Hall building bonds. 15. Sums of money were received from employees by payroll deductions to be used for the purchase of United States government bonds for those employees individually. 16. City motor vehicle license fees, to be used for general street expenditures, were collected. 17. Materials to be used for the general repair of the streets were purchased. 18. The City Garage was reimbursed for services on the equipment of the fire and police departments. 19. Excess funds were transferred from the water utility to the General Fund. (AICPA adapted) EXERCISE 18-10 Identify the Fund LO 2 LO 8 Write the name of the fund(s) in which each of the following transactions or events would be recorded. 1. Bonds, the proceeds of which were to be used for the construction of a new City Hall, were issued. 2. A sum of money was appropriated, to be advanced from monies on hand, to finance the establishment of a City Garage for servicing city-owned transportation equipment. 3. A contribution was received from a private source. The use of the income earned on the investment of this sum of money was specifically designated by the donor. 4. Proceeds received from a bond issue were used for the purchase of the privately owned water utility in the city. 5. Property taxes designated to be set aside for the eventual retirement of the City Hall building bonds were collected. 6. Real estate and personal property taxes, which had not been assessed or levied for any specific purpose, were collected. 7. Payment was made to the contractor for progress made in the construction of the new City Hall. 8. Interest was paid on the bonds issued for the purchase of the water utility. 9. Bonds, the proceeds of which are to be used to pay for the improvement of streets in the residential district, were issued. The debt is 9. Bonds, the proceeds of which are to be used to pay for the improvement of streets in the residential district, were issued. The debt is to be serviced by assessments on the property benefited. The government is obligated to the bondholders to assure the timely payment of principal and interest on the debt. 10. Salaries of personnel in the office of the mayor were paid. 11. Interest was paid on the City Hall building bonds. 12. Installment payments were received from the property owners assessed for the street improvement project. 13. Interest was paid on bonds issued for the payment of the improvement of streets in the residential district. 14. Interest was received on the investment of moneys set aside for the retirement of the City Hall building bonds. 15. Sums of money were received from employees by payroll deductions to be used for the purchase of United States government bonds for those employees individually. 16. City motor vehicle license fees, to be used for general street expenditures, were collected. 17. Materials to be used for the general repair of the streets were purchased. 18. The City Garage was reimbursed for services on the equipment of the fire and police departments. 19. Excess funds were transferred from the water utility to the General Fund. (AICPA adapted)