Question
The city of orange routinely collects refundable deposits in its water and sewer fun. once a customer discontinues services and final bills are satisfied, deposits
The city of orange routinely collects refundable deposits in its water and sewer fun. once a customer discontinues services and final bills are satisfied, deposits are refunded to the customer. occasionally deposits are abandoned. The city is obligated to hold these monies for a statutory period and either transmit them to the state for deposition or use them for purposes directed by the state. The city would most likely account for these abandoned funds in the
A. General Fund
B. Special revenue
c. Enterprise fund
D. Private purpose fund
Please explain why?
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