Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

List the Appropriate Fund List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not

List the Appropriate Fund

List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.

a)Bonds were issued to finance the construction of a new bridge.

b)Sienna received a grant from the state to assist in financing the construction of a new bridge.

c)Funds were set aside to pay of the principal and interest due on this year's bonds.

d)Land was received from a donor to be used as a park. It was stipulated by the donor that theland can not be sold.

e)Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.

f)Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds.

g)A printing press was set up to service all of Sienna's printing needs.

h)Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna's main account and used for its operations.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson

9th edition

1439037809, 978-1439037805

More Books

Students also viewed these Accounting questions

Question

5. Give examples of binary thinking.

Answered: 1 week ago