Question #1: Matching Fund Types with Transactions New York City maintains the following funds: 1. General 2. Special revenue 3. Capital projects 4. Debt service 5. Enterprise 6. Investment trust 7. Permanent 8. Agency For each of the following transactions, indicate which fund would most likely be used to report the transaction and prepare the necessary journal entry. The city collects $1 million of taxes for an independent fire district located within the city. Journal entry: a. b. The city spends $1.2 million on street maintenance using the proceeds of a city gas tax dedicated for road and highway maintenance and improvements. Journal entry: C. The city receives a bequest of $1.5 million. The donor's will, requires that the principal amount be invested in perpetuity and that the earnings on the investment be used to maintain a city park to be renamed for the donor. Journal entry d. The city collects water and sewer fees of $42 million Journal entry The city pays $4 million to a contractor for work on a new bridge. Journal entry The city receives $1.3 million to invest on behalf of the county. Journal entry The city pays its police officers wages of $325,000 Journal entry: h. The city pays $2.2 million in bond interest on its general obligation debt. Journal entry