Question
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 (remember, some events affect more than one fund):
General Fund - GF Pension Trust Fund - PTF
Special Revenue Fund -SRF Investment Trust Fund - ITF
Debt Service Fund - DSF Private-Purpose Trust Fund - PPTF
Capital Projects Fund - CPF Custodial Fund - CF
Enterprise Fund - EF Internal Service Fund - ISF
The State purchased 5 police cars for the State Police at a cost of $80,000, using day-to-day operating funds.
The State sold $55 million of general obligation bonds to finance a new highway construction program. The debt proceeds were deposited in the fund responsible for highway construction.
A payment was made to the contractors involved in constructing State highways.
Property taxes were deposited in the fund responsible for the payment of the general obligation bonds issued for highway construction.
The State paid interest and principal on the general obligation bonds issued to finance the construction of highways.
The State received resources from several citizens in the State who earmarked the resources to pay for the vocational education expenses of discharged military veterans who were wounded in combat.
The State collected personal income taxes to finance its day-to-day activities.
The State collected gasoline taxes, which in accordance with State law, are legally restricted for the maintenance of State roads.
The State collected a State-enacted sales tax at the rate of 6.25% of retail sales. 5% of the sales taxes were deposited in the State’s major operating fund, and 1.25% of the sales taxes were deposited in a fund that will remit sales taxes to cities, villages, and counties in Illinois.
The State received a $15 million grant from the federal government for the federal government’s share of the costs of the new highway construction program in transaction B.
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 a bill to the State Comptroller for printing the State's annual financial report.
L. 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 State’s major operating fund received a check from the Office of the State Lottery for the State’s share of the lottery ticket sales revenue.
M. The State paid the regular bi-weekly payroll of (1) employees who provide the services of the State’s major operating fund and (2) employees who maintain the State roads referred to in transaction H.
The State operates a fund that receives monthly resources from the 102 county governments in the State. The State invests the funds and sends quarterly checks to the county governments from the interest and dividends earned on the investments in the fund.
The Employees Retirement System, a State-operated agency that administers the payment of pensions to retired state employees, paid the monthly pensions.
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A CPF Capital Projects Fund The State purchased 5 police cars for the State Police at a cost of 80000 using daytoday operating funds The State would use the Capital Projects Fund CPF to record this ev...Get Instant Access to Expert-Tailored Solutions
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