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Author Question: Which line item does not properly belong in the balance sheet of a governmental fund? a. ... (Read 55 times)

vicky

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on: Jul 5, 2018
Which line item does not properly belong in the balance sheet of a governmental fund?
 
  a. short-term investments
  b. fixed assets
  c. cash
  d. accounts (or vouchers) payable

Question 2

On January 2, Dog Mart prepaid 30,000 rent for the year and recorded the prepayment in an asset account. Prepare the January 31 adjusting entry for rent expense.


honnalora

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Reply #1 on: Jul 5, 2018
Answer to Question 1

b

Answer to Question 2

Jan. 31 Rent Expense (30,000/12) 2,500
Prepaid Rent 2,500


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