Author Question: Unearned Subscriptions is classified as a liability account. a. True b. False Indicate whether ... (Read 66 times)

jayhills49 · **on:** Jul 6, 2018

Unearned Subscriptions is classified as a liability account.
a. True
b. False
Indicate whether the statement is true or false

Question 2

The Enterprise Fund of Government A entered into a capital lease for the purchase of equipment. The capitalizable cost of the asset was 300,000 and government made a 30,000 downpayment. In the year of inception the Enterprise Fund would report

a. expenses of 30,000
b. capital assets of 300,000
c. long-term liabilities of 270,000
d. both items a and c.
e. both items b and c.