Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events:

GF General Fund

SRF Special Revenue Fund

DSF Debt Service Fund

CPF Capital Projects Fund

PF Permanent Fund

1. The city transferred cash to the fund used to accumulate resources to pay bond principal and interest.

2. The city received its share of a state sales tax that is legally required to be used to finance library operations.

3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs.

4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets.

5. The city received a grant from the state to build an addition to the city hall.

6. The city received the proceeds of general obligation bonds to finance the construction of a new police station.

7. The mayor was paid his monthly salary.

8. Expenditures for the operation of the Police Department were recorded.

9. Parks admissions fees, dedicated for use in day-to-day maintenance of the city park system, were collected.

10. The city paid a contractor who had completed a report on the potential for improving police deployment as a way to reduce the crime rate.

11. The city workers were paid their weekly salaries.

12. The city retired some of its outstanding bonds, using money accumulated for that purpose.

13. A federal grant was received to help pay for the cost of constructing the new city hall.

14. The city received a donation from a taxpayer with the stipulation that it be invested and kept in perpetuity, so that the income from the investments could be used to buy library books.

15. The city received income from the investments made in the previous activity.

Answer rating: 100% (QA)

1 Funds to Cash 2 CPF to GF 3 SRF to ... View the full answer