List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City.
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Question:
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 cannot 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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