a.) Analyze the effects of each of the following transactions on each of the funds and/or the nonfund accounts of the city of Nancy. Identify the fund that typically would be used to record the transaction.
b.) Indicate how each transaction would be reported in the operating statement for each fund affected.
Example: cash received for licenses during 2011, $8000 Solution.
a.) FA - RL = FB GCA - GLTL = NP $8000 $8000
b.) Revenues of $8000 are reported in the General Fund statement of revenues, expenditures and changes in fund balances. That was an example. So now here comes the questions.
1. Salaries and wages for firefighters and police officers incurred but not paid, $75000
2. The city borrowed $9,000,000 to finance construction for work performed during the fiscal year.