This topic contains a solution. Click here to go to the answer

Author Question: County A was awarded a 900,000 expenditure-driven grant in year 1 for a capital project that is ... (Read 30 times)

berenicecastro

  • Hero Member
  • *****
  • Posts: 581
County A was awarded a 900,000 expenditure-driven grant in year 1 for a capital project that is expected to take three years to complete. Project expenditures are financed by weekly cash draws from a local bank.
 
  As of the end of Year 1 the county had incurred expenditures of approximately 50,000 . The county should recognize Capital Projects Fund revenue at the end of Year 1 in the amount of
  a. 0
  b. 50,000
  c. 300,000
  d. 900,000

Question 2

What is the journal entry to record the receipt of payment on June 15th for the following: June 1st, merchandise sold on account in the amount of 525, credit terms 1/10, n/30.
 a. Accounts Receivable 525 DR
   Cash 525 CR
   b. Cash 525 CR
   Accounts Receivable 525 CR
   c. Accounts Receivable 519.75 DR
  Sales Discount 5.25 DR
   Cash 525 CR
   d. Cash 525 DR
  Sales Discount 5.25 CR
   Accounts Receivable 519.75 CR



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mcarey591

  • Sr. Member
  • ****
  • Posts: 365
Answer to Question 1

B

Answer to Question 2

b




berenicecastro

  • Member
  • Posts: 581
Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it


anyusername12131

  • Member
  • Posts: 327
Reply 3 on: Yesterday
Excellent

 

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

For a complete list of videos, visit our video library