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Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund REQUIRED: For each of the attached transactions, indicate into which fund, from the given list the transaction would be entered.
1 Bonds were issued by the fund used to account for providing water to the residents of a city. 2. The fund that finances the citys day to day operating activities lent $50,000 to the fund that will provide city agencies with supplies that are billed to these agencies on a user charge basis. 3. The city charter requires all hotel taxes to be accounted for in a separate fund that maintains the downtown business district. Hotel tax collections for the period were $500,000. 4. The state lottery, which operates like a business entity, sent a check for its net revenues (after paying lottery prizes) to the state. The state will add these revenues to general state revenues as part of the states program for financing elementary and secondary education 5 Interest and principal on the citys general obligation debt were paid, using 6. The city sold general obligation bonds to buy land as part of a city hall 7. The citys central office supplies billed each city department for supplies resources accumulated specifically for that purpose. expansion program requested 8. A wealthy taxpayer donated securities to a village, requiring that the donation be kept intact in perpetuity and that income from the investments be used only to support the activities of the village library. 9. The state operated toll road collected tolls of $1 million. 10. Expenditures for the day to day operations of the Police Department were recorded
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Answer #1

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1. Enterprise fund

2. General fund and internal service fund

3. Special revenue fund

4. Enterprise fund and general fund

5. Debt service fund

6. Capital projects fund

7. Enterprise fund and internal service fund

8. Permanent fund

9. General fund

10. Enterprise and general fund

9.

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