ANSWER FORM BELOW:

Problem 3: Miscellaneous questions 1. The General Fund of Elm City received a property tax remittance of $294,000 from the county treasurer on June 15, 2021. The remittance was net of the county treasurer's 2% collection fee. Make the journal entry to record the property tax receipt in Elm City's general fund. 2. Name the fiduciary fund type that would be used to account for each of the situations below. If a fiduciary fund would not be used for the situation described, state "none." a A. Betty Jones, a citizen of DeKalb, donated $1,000,000 to the City with the stipulation that the funds donated, as well as the earnings on the funds donated, be used for college scholarships awarded to the top 15 students graduating from Dekalb High School each year until the funds are fully expended. B. Adam Jones, a citizen of Chicago, donated $1,000,000 to the City with the stipulation that the funds be invested permanently with the earnings used to support visual and performing artists. C. Olivia Jones, a citizen of the Village of Malta, donated $500,000 to the Village with the stipulation that the funds be invested permanently with the earnings being used to acquire upgraded equipment for the Village's police and firefighters. D. The County Treasurer for DeKalb County received $12,000,000 from local governments located in the County. The Treasurer will pool the investment funds for the benefit of the local governments. E. The State of Illinois Treasurer received home rule sales taxes of $15,000,000 from retailers which will be remitted to cities, villages, and counties each calendar quarter. Problem 3 A. Accounts Debits Credits B. Fund identification A. B. C. D. E