Kendal County engaged in the following transactions:
- It levied and collected $1million in taxes dedicated to the repayment of outstanding general obligation bonds.
- It billed sponsors of a charity bicycle ride $5,000 for providing police patrols during the ride.
- It recognized $60,000 of cash dividends on investments dedicated to the support of a county arts center.
- It recognized $70,000 of cash dividends on investments dedicated to scholarships for needy county residents.
- It incurred $6 million in construction costs to complete a new county jail. The new jail was funded entirely with the proceeds of long-term bonds.
- It transferred $400,000 of unrestricted funds to an appropriate fund to be invested and eventually used to repay the principal on the long-term jail bonds (entries in two funds required).
- It recognized depreciation of $100,000 on equipment in a vehicle repair center that services all county departments that have motor vehicles.
- It collected $30,000 in parking fees at the county-owned garage.
- It issued $8 million in bonds to improve the city-owned electric utility.
- It distributed $3 million in taxes collected on behalf of school districts located within the country.
Instructions:
- Prepare appropriate journal entries.
- Indicate the type of funds in which these transactions would most likely be recorded.
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