For each of the following events or transactions, identify the fund or funds that will be affected.

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For each of the following events or transactions, identify the fund or funds that will be affected.

1. The principal, interest, and related charges from a city’s general long-term debt bond issue will be handled in a fund established for that purpose.

2. A wealthy citizen donates $10,000,000 for city park maintenance. The principal cannot be spent.

3. A wealthy citizen donates $10,000,000 for city park maintenance. The principal may be spent as needed.

4. A village collects cigarette taxes from vendors. The tax funds must be remitted to the state.

5. The city issued general obligation bonds at par to finance construction of a government office building.


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Advanced Accounting

ISBN: 9780132568968

11th Edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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