LO 18 Capital P r ojects, Debt Service, and Inte r nal Service Funds 18-8 The funds of Lake City

 
   

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LO 18 Capital P r ojects, Debt Service, and Inte r nal Service Funds

18-8

The funds of Lake City include a debt service fund, a capital projects fund, and an internal service fund.

Required

a. Explain the use of capital projects funds. Include what they account for, the basis of accounting used, unusual entries and accounts, and their financial statements.

b . Explain the use of debt service funds. Include what they account for, the basis of accounting used, unusual entries and accounts, and their financial statements.

c. Explain the use of internal service funds. Include what they account for, the basis of accounting used, unusual entries and accounts, and their financial statements.