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The gift from Rebecca Smith (see previous question) earned $50,000 this year. The city council decides that these resources should be used to construct new sand volleyball courts for public use. Which fund should be used to account for the construction of the courts

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Answer: a. Capital Projects Fund

Explanation:

This is a fund that is used by the Government in it's accounting records to record the various transactions related to embarking on a capital project.

It includes how the funds were sourced and how they will be disbursed.

Once the project is finished this fund is usually terminated.

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