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Question(s) / Instruction(s):

43.     (Matching transactions with funds and operating statement line items)     

          Harmony Township maintains four funds:
          A     the General Fund,
          B     the Library Special Revenue Fund,
          C     the Capital Projects Fund (recently established to account for the construction of a new city park), and
          D     the Water Enterprise Fund.


For each of the transactions described below, indicate by letter the fund(s) involved and by number the operating statement line item(s) that will be affected.

          1     Revenues     4     Other financing sources
          2     Expenditures     5     Other financing uses
          3     Expenses     6      None (this is a balance sheet transaction)

No.

 

Transaction

 

 

 

 

Fund(s)

 

Operating

Statement

Line Item(s)

1

 

Property taxes are levied; 15% of the levy is legally "earmarked" for Library operations

 

 

 

2

 

The General Fund makes a contribution toward the cost of constructing the new park.

 

 

 

3

 

A short-term loan is taken to provide interim financing for construction of a new city park.

 

 

 

4

 

The General Fund makes an advance to the Water Enterprise Fund.

 

 

 

5

 

General Obligation bonds are issued to complete the financing of construction of the new city park.

 

 

 

6

 

Revenue bonds are issued to expand the water plant.

 

 

 

7

 

A fire truck is purchased with General Fund assets; the fire truck is expected to have a 5 year useful live and no salvage value.

 

 

 

8

 

A large new pump is purchased for the water plant; the pump has an estimated useful life of 10 years and salvage value of zero.

 

 

 

9

 

Land is purchased for the new city park.

 

 

 

10

 

The Water Department bills the Police and Fire Departments for water service provided for the month.

 

 

 

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