(Identifying transactions to funds – comprehensive problem)…

(Identifying transactions to funds – comprehensive problem) (11 points) Indicate which fund or funds would be used by a state to record each of the following events. Use the codes shown below: Special Revenue Fund-SRF Investment Trust Fund-ITF Debt Service Fund-DSF Private-Purpose Trust Fund-PPTF Capital Projects Fund-CPF Agency Fund-AF Enterprise Fund-EF Internal Service Fund-ISF General Fund – GF Pension Trust Fund – PTF  

A business borrows $100,000 from a bank on July 1, 2008. Und…

A business borrows $100,000 from a bank on July 1, 2008. Under the agreement with the bank, the loan must be repaid in full on June 30, 2009, with interest at 6% a year. The business wants to prepare financial statements for the year ended December 31, 2008. How much interest expense should it report for that year?

Lazlo Pearson purchases a high-speed copying machine on cred…

Lazlo Pearson purchases a high-speed copying machine on credit for his printing business. The machine cost $18,700 and is expected to have a useful life of four years. On July 1st the equipment is received along with an invoice. What journal entry should be made at the time the copying equipment is received?