Question
indicate which fund or funds would be used by the state to record each of the following events. -service revenue fund -Investment Trust fund -debt
indicate which fund or funds would be used by the state to record each of the following events.
-service revenue fund -Investment Trust fund
-debt service fund - Private-purpose fund
-capital projects fund - Agency Fund
-enterprise fund -Internal Service Fund
a.) The state collected personal income tax to finance its day to day activities
b.) The state collected gasoline taxes which in accordance to state law were dedicated solely to the maintenance of state roads
c.)The state collected sales tax on behalf of certain counties. All taxes were deposited in a fund pending county-by-county analysis of all sales tax returns to determine amounts due to each county
d.) as authorized by public referendum, the state sold 55 million of bonds to finance a new highway construction program. The debt proceeds were deposited into a fund.
e.) the state received 15 million from the federal government for the federal share of the costs of constructing the highways.
f.)the state office of general services performs centralized printing services for all state agencies and bills the state agencies at cost for each printing project. The office sent bill to the state compiler for printing the states annual financial report.
g.)the office of the state lottery sells lottery tickets to the public. In accordance with state law, 5% of all lottery ticket sales must be used to finance major capital projects including the acquisition of land for parks. The state received a check from the office of the state lottery for the state share of lottery ticket sales.teh state also paid the payroll of personnel who maintain the state roads referred to in the transactions above.
h.) The state paid the regular bi-weekly payroll of the state police.
i.) the state deposited funds received from three county governments into a fund. The state will invest the funds and send quarterly checks to the county governments on the interest earned by the fund.
j.) The employees retirement system, a state operated agency that administers the payment pensions to retired state employees, paid the monthly pensions.
k.) The state paid interest and principle on the debt that had been issued earlier to finance the construction of highways
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