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Unformatted text preview: reservation of fund equity. (8) The repayment of the principal of the bank loan is not an expenditure. However, the amount paid for interest, $15,000, should be included in expenditures for the year ended June 30, 20X8. (9) The general funds $95,000 contribution to the citys pension trust should be included in expenditures of the general fund for the year ended June 30, 20X8. The employers contribution to a pension trust is an example of an interfund services provided or used transaction. (10) The general funds lease payments should be included in the amount reported for expenditures for the year ended June 30, 20X8. (11) For proper reporting on the statement of revenues, expenditures and changes in fund balance, each expenditure should be associated with a governmental function, such as General Governmental or Streets and Highways....
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.
- Fall '11