Solution-Identification of funds through examples

Identification of funds through examples

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Reference no: EM131704653

Question: (Identification of funds through examples) For each of the following situations, indicate which fund would be used to report the transaction.

1. A city made payments to a contractor on a major bridge project.

2. The Department of Streets purchased materials to be used to repair potholes.

3. A city paid salaries to the employees of its Fire Department.

4. The state Tax Department collected sales taxes on behalf of several large cities in the state.

5. A city accumulated resources in a fund to pay principal and interest on its general obligation bonds.

6. A city acquired land for bridge approaches as part of the project mentioned in the first situation.

Reference no: EM131704653

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Identification of funds through examples

Reference no: EM131704653

Reference no: EM131704653

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