Identify which fund would be used to account for the item

Reference no: EM131525467

Question: For each of the items below, identify which fund would be used to account for the item and provide a justification for your answer.

a. A city government issued general obligation bonds to finance the construction of a new jail.

b. A state government collected a tax of $1.00 per pack of cigarettes which is (by law) required to be used to fund health and fitness programs in public schools.

c. A county government expended $1 million to expand the water treatment plant.

d. A donor provided investments totaling $4 million to create an endowment, the earnings of which will be used to provide scholarships.

e. A donor provided $50,000 to be used to purchase newspaper and magazine subscriptions for the public library. There is no requirement that the original principal may not be spent.

f. A city government sold surplus street maintenance trucks for $10,000.

Reference no: EM131525467

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