The GASB has identified four classes of non exchange revenues:

-derived tax

-imposed

-government mandated

-voluntary

For each of the following revenue transactions affecting a city, identify the class in which the revenue falls and prepare an appropriate fund journal entry for the current year (2015) as necessary.

1. In Dec, the state in which the city is located announced that it would grant the city $20 million to bring certain public facilites into compliance with the state's recently enacted disability/accessability laws. As of year-end the city had not yet recieved funds on the state-mandated facility impovements.

2. the city imposes a $100 tax on each sale of real estate. the tax is collected by the title companies that process the sales and must be forwarded to the city within 30 days of the transaction. in december there were 600 sales of real-estate. as of year-end the city had collected $40,000 of the $600,000 that it was owed