A trial balance is a formal business report.
a. True
b. False
Indicate whether the statement is true or false
Question 2
(Identifying transactions to funds - situations involving more than one fund)
A large city uses governmental-type funds (General, Special Revenue, Debt Service, Capital Projects) and proprietary-type funds (Internal Service, Enterprise).
State the fund or funds that would be used to record the following transactions.
a. The city sent property tax bills to all taxpayers. Most of the taxes were to be used to finance the day-to-day activities of the city. A portion of the tax, however, was levied for the specific purpose of financing operations of the City Library District, created by vote of the Public.
b. The city needed a new school. It issued 4 million of long-term debt and put the proceeds into a fund to finance school construction.
c. The city paid the salaries of its police and fire officers.
d. To help finance construction of the school, the city received 1 million from the state.
e. Central Vehicle Repair Shop is a city-operated facility that does work for all city agencies and bills the agencies at cost for the work. At the end of the month, Central Vehicle Repair Shop sent invoices to the police department for servicing the police vehicles.
f. To pay interest and principal on the debt issued to construct the school, the city transferred 150,000 from the fund that finances day-to-day activities to the fund that accumulates resources to pay off the debt.
g. Metro Bus is a city-operated mass transit facility. Metro Bus deposited passenger fares for the day into its bank account. Also, Metro Bus received an invoice from Central Vehicle Repair Shop for bus repair work.
h. The city paid 500,000 to the contractor that was building the new school.
i. The city bought a new police sedan. In accordance with city financial policies, the city paid for the sedan out of its day-to-day operating funds.
j. The new school was completed. In accordance with city statutes, all remaining construction assets were sent to the fund that pays the debt service on the construction bonds.
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