List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.Bonds were issued to finance the construction of a new bridge. Sienna received a grant from the state to assist in financing the construction of a new bridge. Funds were set aside to pay of the principal and interest due on this year’s bonds.Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold. Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds. A printing press was set up to service all of Sienna’s printing needs. Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account and used for its operations.

Definition: General Fund: It is the primary fund used by an entity. Debt Service Fund: The purpose…

Answered: List the appropriate fund(s) that will…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.

Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land can not be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay off the bonds.
A printing press was set up to service all of Sienna’s printing needs.
Sienna operates a bus transportation system and charges passengers a fee. At the end of each month, the net proceeds are remitted to Sienna’s main account and used for its operations.

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