For the following situations determine the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than onceSITUATIONS:GOB grant proceeds received for construction of a new elementary school building – Capital Projects Fund Municipal electric utility bonds to be repaid from customer charges – Debt Service Fund General obligation bonds issued to finance construction of a new elementary school building – Investment Trust Funds Activities of a central print shop that provides custom printing services to all campus departments – Enterprise Funds Financial resources set aside to service the principal and interest on general obligation debt A special hotel occupancy sales tax that can only be used for city economic development promotional activities Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry – Special Revenue Fund Monthly payroll deductions from employees to be remitted to an insurance company to pay for medical insurance premiumsPurchase of transformers and distribution equipment by utilityHead tax received by municipality for tourism related expenditures only

As per the honor code of Bartleby we are bound to give the answer of first three sub part only,…

Answered: For the following situations determine…

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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For the following situations determine the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once

SITUATIONS:

GOB grant proceeds received for construction of a new elementary school building – Capital Projects Fund

Municipal electric utility bonds to be repaid from customer charges – Debt Service Fund

General obligation bonds issued to finance construction of a new elementary school building – Investment Trust Funds

Activities of a central print shop that provides custom printing services to all campus departments – Enterprise Funds

Financial resources set aside to service the principal and interest on general obligation debt

A special hotel occupancy sales tax that can only be used for city economic development promotional activities

Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry – Special Revenue Fund

Monthly payroll deductions from employees to be remitted to an insurance company to pay for medical insurance premiums
Purchase of transformers and distribution equipment by utility
Head tax received by municipality for tourism related expenditures only

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