The City of Sioux Falls entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each transaction and determine how each transaction will affect the accounting equation of the particular fund.
1. Sioux Falls paid salaries to general government employees, $95,000.
2. Sioux Falls purchased an automobile by issuing a $25,000, 8 percent note to the vendor. The purchase occurred at midyear, and the note is a one-year note.
3. The city sold general fixed assets with an original cost of $300,000 for $30,000 at the end of their useful life. The use of the resources received is not restricted.
4. In the second fiscal year, the city repaid the principal and interest on the note issued in transaction 2 at the due date of the note.
5. “Profits” of $500,000 from the airport enterprise fund were transferred to the general fund of the city to subsidize general fund operations.
6. Interest income collected on Sioux Falls’s general fund investments totaled $70,000 for the year.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.