List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required. Bonds were issued to finance the construction of a new bridge. Sienna received a grant from the state to assist in financing the construction of a new bridge. Funds were set aside to pay of the principal and interest due on this year’s bonds. Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold. Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system. Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds. A printing press was set up to service all of Sienna’s printing needs. Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account and used for its operations.
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required. Bonds were issued to finance the construction of a new bridge. Sienna received a grant from the state to assist in financing the construction of a new bridge. Funds were set aside to pay of the principal and interest due on this year’s bonds. Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold. Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system. Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds. A printing press was set up to service all of Sienna’s printing needs. Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account and used for its operations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City.
- Bonds were issued to finance the construction of a new bridge.
- Sienna received a grant from the state to assist in financing the construction of a new bridge.
- Funds were set aside to pay of the principal and interest due on this year’s bonds.
- Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold.
- Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
- Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds.
- A printing press was set up to service all of Sienna’s printing needs.
- Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account and used for its operations.
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