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Question(s) / Instruction(s):

47. (Identifying transactions to the appropriate fund - relatively simple situations)

A small village maintains a General Fund, Special Revenue Fund, Capital Projects Fund, and Internal Service Fund. State the fund (or funds) that would be used to record each of the following events. a. Property taxes were collected to finance the day-to-day activities of the village. b. The village issued debt for the purpose of constructing a new firehouse. c. The village paid an invoice for construction of a new firehouse. d. Mechanics' salaries were paid by the Motor Pool Fund, which was established to provide a centralized location for servicing all village vehicles on a user-charge basis. e. The village paid the salaries of its police officers. f. The village received a check from the state to help finance the new firehouse. g. The village collected fees for admission to its park. The fees, established by village ordinance, must be used for beautifying and creating nature walks within the park. h. The Motor Pool Fund sent an invoice to various village agencies that used its vehicles.

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