Author Question: The municipalities for whom the county collects property taxes paid 5,000 in administrative fees to ... (Read 59 times)

c0205847 · **on:** Jul 5, 2018

The municipalities for whom the county collects property taxes paid 5,000 in administrative fees to county to cover collection costs. The county will report

A. Revenues of 5,000 in the General Fund.
B. Revenues of 5,000 in the Agency Fund.
C. Other financing sources of 5,000 in the General Fund.
D. Other financing sources of 5,000 in the Agency Fund.

Question 2

The entry to adjust for the cost of supplies used during the accounting period is
a. debit Supplies Expense; credit Supplies
b. debit Owner Capital; credit Supplies
c. debit Accounts Payable; credit Supplies
d. debit Supplies; credit Owner Capital