An Enterprise fund receives a 100,000 capital grant and uses the ...

[bobbysung]

An Enterprise fund receives a 100,000 capital grant and uses the funds to partially finance the purchase of a 175,000 capital asset. The Enterprise Fund will report
 
  A. Revenues of 100,000 and expenses of 175,000.
  B. Non-operating revenues of 100,000 and capital assets of 175,000.
  C. Capital contributions of 100,000 and expenses of 175,000.
  D. Capital contributions of 100,000 and capital assets of 175,000.

Question 2

The balance in the prepaid rent account before adjustment at the end of the year is 32,000, which represents four months' rent paid on December 1 . The adjusting entry required on December 31 is
 a. debit Rent Expense, 8,000; credit Prepaid Rent, 8,000
  b. debit Prepaid Rent, 24,000; credit Rent Expense, 8,000
  c. debit Rent Expense, 24,000; credit Prepaid Rent, 8,000
  d. debit Prepaid Rent, 8,000; credit Rent Expense, 8,000

[livaneabi]

Answer to Question 1

D

Answer to Question 2

a

[bobbysung]

Thanks for the timely response, appreciate it

[kthug]

TYSM