Funds: 
General fund: This fund accounts for taxes and other unassigned resources.
Capital projects fund: this fund accounts for financial resources that are restricted, committed, or assigned to expenditures for capital outlays.
Debt service fund: this fund accounts for financial resources that are restricted, committed , or assigned to expenditure for principle and interest on long term debt.
Special revenue fund: this fund accounts for state grants that are restricted for specific purposes.
Internal Service fund: This fund accounts for the operation for the equipment repair department that will provide services to other departments that are accounted for within the general fund. 
Transactions : 
1.	The district levied $9 million of general property tax of which it actually collected $8.8 million.
2.	The district received a state grant of $.2 million to purchase computers.
3.	The district issued $12 million in long term bond to construct a school building.
4.	The district constructed the school building for $11 million. The use full life of the building 11 years. 
5.	The district incurred $6 million in general operating expenditure of which it actually paid 5.5 million.
6.	Using its state grants, the district purchased computers for .1 million. The computers have a 5 years useful life.
7.	The district transferred $1.1 million from the general fund to the debt service fund to make the first payment of both principle and interest that are in the following year.
8.	The repair Service, which is accounted for in an internal service fund, acquires $10 of equipment, giving a log term note in exchange.
9.	The repair service bills the district’s other departments $15 million and collects the full amount in cash. The other departments are all accounted for in the general fund. The services incur cash operating expense of $12 million and recognises $2 million of depreciation.
Required: 
A.	Record the entries for each transaction using Full Accrual, Modified Accrual and cash basis.
B.	Prepare Fund financial statements for Governmental Funds.
C.	Prepare Fund statements for proprietary fund.
D.	Prepare government wide statement. 
Transaction No.	Full accrual	Modified accrual	Cash	
1	General Fund 
Dr Cash                  8.8 m
Dr property tax receivable     .2m
    Cr Property tax revenue      9 m	General Fund 
Dr Cash                  8.8 m
Dr property tax receivable     .2m
    Cr Property tax revenue      9 m	General Fund 
Dr Cash                  8.8 m
    Cr Property tax revenue    8.8 m	
2	Special Revenue Fund 
Dr Cash                   .2 m
  Cr Grant Revenue             .2 m	Special Revenue Fund 
Dr Cash                   .2 m
  Cr Grant Revenue             .2 m	Special Revenue Fund 
Dr Cash                   .2 m
  Cr Grant Revenue            .2 m	
3	Capital project Fund 
Dr Cash                  12 m 
  Cr Bond payable               12 m	Capital project Fund 
Dr Cash                  12 m 
  Cr proceeds from borrowing    12 m	Capital project Fund 
Dr Cash                  12 m 
  Cr proceeds from borrowing   12 m	
4	Capital project Fund 
Dr building               11 m 
  Cr Cash                     11 m
Dr Dep. Expense            1 m
  Cr Acc. Dep. – Building           1 m	Capital project Fund 
Dr building construction (expenditure)   11 m 
  Cr Cash                            11 m	Capital project Fund 
Dr building construction (expenditure)  11 m 
  Cr Cash                          11 m	
5	General Fund 
Dr General operating expenditure   6 m
 Cr Account payable               .5 m
Cr Cash                       5.5 m	General Fund 
Dr General operating expenditure      6 m
   Cr Account payable                  .5 m
   Cr Cash                          5.5 m	General Fund 
Dr General operating expenditure     5.5 m
   Cr Cash                         5.5 m	
6	Special Revenue Fund 
Dr Equipment               .1 m
  Cr Cash                      .1 m
Dr Dep. Expense            .02 m
  Cr Acc. Dep. – Equipment         .02 m	Special Revenue Fund 
Dr Computer Acquisition ( Expenditure)  .1 m
  Cr Cash                            .1 m	Special Revenue Fund 
Dr Computer Acquisition ( Expenditure)  .1 m
  Cr Cash                           .1 m	
7	General Fund 
Dr transfer out of debt service fund 1.1 m
  Cr Cash                      1.1 m
Debt Service Fund
Dr Cash                       1.1 m
 Cr transfer in from General Fund    1.1 m

(These entries are not important because their effect will eventually disappear) 

	General Fund 
Dr transfer out of debt service fund    1.1 m
  Cr Cash                           1.1 m
Debt Service Fund
Dr Cash                         1.1 m
  Cr transfer in from General Fund        1.1 m	General Fund 
Dr transfer out of debt service fund    1.1 m
  Cr Cash                          1.1 m
Debt Service Fund
Dr Cash                         1.1 m
  Cr transfer in from General Fund      1.1 m	
	Full Accrual	Modified Accrual	Cash	

8	Internal Service Fund
Dr Cash                     10 m
  Cr Note payable                10 m
Dr Equipment                 10 m 
  Cr Cash                       10 m
OR we can record one entry instead of two
Dr Equipment                  10 m
  Cr Note payable                10 m	Internal Service Fund
Dr Cash                          10 m
  Cr Proceeds from borrowing            10 m
Dr Equipment Acquisition (Expenditure)   10 m
  Cr Cash                            10 m
OR we can record one entry instead of two
Dr Equipment Acquisition (Expenditure)  10 m 
  Cr proceeds from borrowing            10 m	Internal Service Fund
Dr Cash                         10 m
  Cr Proceeds from borrowing          10 m
Dr Equipment Acquisition (Expenditure)  10 m
  Cr Cash                          10 m
OR we can record one entry instead of two
Dr Equipment Acquisition (Expenditure) 10 m 
 Cr proceeds from borrowing           10 m	
9 	Internal Service Fund
Dr Cash                       15 m
  Cr Repair service revenue         15 m
General Fund 
Dr Repair service expenditure      15 m
  Cr Cash                       15 m
Internal Service Fund 
Dr operating expense            12 m 
  Cr Cash                       12 m
Dr Dep. Expense                 2 m
  Cr Acc. Dep. – Equipment          2 m	Internal Service Fund
Dr Cash                           15 m
  Cr Repair service revenue             15 m
General Fund 
Dr Repair service expenditure          15 m
  Cr Cash                           15 m
Internal Service Fund 
Dr operating expense                 12 m 
  Cr Cash                            12 m	Internal Service Fund
Dr Cash                          15 m
  Cr Repair service revenue            15 m
General Fund 
Dr Repair service expenditure         15 m
  Cr Cash                          15 m
Internal Service Fund 
Dr operating expense                12 m 
  Cr Cash                          12 m	
		Info : it is not useful to record internal fund entries using modified accrual.