Problem

For each of the following events or transactions, identify the fund or funds that will be...

For each of the following events or transactions, identify the fund or funds that will be affected.

1. The principal, interest, and related charges from a city’s general long-term debt bond issue will be handled in a fund established for that purpose.


2. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent.


3. A wealthy citizen donates $10,000,000 for city park maintenance. The principal may be spent as needed.


4. A village collects cigarette taxes from vendors. The tax funds must be remitted to the state.


5. The city issued general obligation bonds at par to finance construction of a government office building.

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Solutions For Problems in Chapter 19