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The numbered items on the left consist of a variety of transactions that occur in a municipality. The lettered items on the right consist of
The numbered items on the left consist of a variety of transactions that occur in a municipality. The lettered items on the right consist of various ways to record the transactions. Select the appropriate method for recording each transaction. Some transactions have more than one correct answer. Lettered items may be used once, more than once, or not at all.
\begin{tabular}{l} Transactions \\ \begin{tabular}{l} 1. Term bond proceeds of $100,000 were received by the capital projects fund. \\ \hline 2. Equipment costing $50,000 was acquired by the water utility, an enterprise fund. \\ \hline 3. Land with a fair value of $500,000 was donated to the city to be used as a municipal \\ park. \\ 4. Central stores, an internal service fund, received a transfer in of $750,000 from the \\ general fund. \\ \hline 5. General obligation serial bonds of $250,000 matured and were paid by the debt service \\ fund. \\ \hline 6. Expenditures of $5,000,000 were incurred by the capital projects fund to construct a new \\ city hall annex. The project was started and completed within the fiscal year. \\ \hline 7. The water utility, an enterprise fund, billed the mayor's office $200 for water usage. \\ \hline 8. The mayor's office received the billing in item 7 . \\ \hline 9. The tax agency fund received $250,000 of tax revenues that are to be distributed to the \\ school districts within the municipality. \end{tabular} \\ \hline 10. Salaries and wages of $25,000 were incurred by the water utility enterprise fund. \end{tabular}Step by Step Solution
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