Q1) Suppose that City of Ft. Smith sustains its books and records in manner which facilitates preparation of fund financial statements. For each of the givenevents indicate in which fund(s) of City of Ft. Smith the event would be recorded and give explanation for your fund selection.
a. City collected property taxes levied for general operations of the City.
b. City collected property taxes levied to pay principal and interest on bonds issued several years in past to construct a new fire station.
c. City collected property taxes levied on a specific area of City for purposes of giving more frequent snow removal than is enjoyed by the rest of the City.
d. City sold bonds to finance construction of a New City Hall.
e. City sold bonds to finance major renovations at city-owned electric utility.