Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Indicate which fund or funds would be used by the State of Illinois to record each of the following events. Use the codes shown below
Indicate which fund or funds would be used by the State of Illinois to record each of the following events.
Use the codes shown below for each fund type (remember, some events affect more than one fund).
General Fund GF Pension Trust Fund PTF
Special Revenue Fund SRF Custodial Fund CF
Debt Service Fund DSF Internal Service Fund ISF
Capital Projects Fund CPF
Enterprise Fund EF
Events for the State of Illinois (you can use the abbreviations for each fund in your answers):
- The Office of the State Lottery sells lottery tickets to the public. In accordance with State law, 5% of all lottery ticket sales revenue must be used to finance k-12 public education. The States major operating fund received a check for $15,000,000 from the Office of the State Lottery for the States share of the lottery ticket sales revenue.
- The State collected $6,000,000 of State-enacted gasoline taxes. According to State statutes, gasoline taxes are legally restricted to pay for the maintenance of State roads and highways as well as for the maintenance of city, village, and county roads and streets. According to State law, $2,700,000 ($6,000,000 X .45) was deposited in the fund used to maintain State roads and highways, and $3,300,000 ($6,000,000 X .55) was deposited in the fund that will remit the gasoline taxes to local governments in Illinois.
- The State paid $13,000 for the purchase of 10 iPad Pros for the Governors staff, using resources of the States major operating fund.
- The State sold $55 million of general obligation serial bonds to finance the construction of a 25 story building located in Chicago. The building will be named the State of Illinois Center and will be located at 100 West Randolph Street. The bond proceeds were deposited in the fund responsible for building construction.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started