Author Question: Credit memos can be applied in the following ways: a. Retained as an available credit, refunded or ... (Read 64 times)

ishan · **on:** Jul 6, 2018

Credit memos can be applied in the following ways:
a. Retained as an available credit, refunded or applied to an existing invoice
b. Only refunded as a check
c. Only applied as a credit
d. None of the above

Question 2

The town of Nowhere purchased a new telecommunications system for the police department. The town entered into a capital lease to finance the system. In the year of acquisition, entries will be necessary in

a. the General Fund, Debt Service Fund, and General Capital Assets accounts.
b. the Debt Service Fund, the General Capital Assets accounts, and the General Long-Term Liabilities accounts.
c. the General Fund.
d. the General Capital Assets accounts and the General Long-Term Liabilities accounts.
e. the General Fund, the General Capital Assets accounts, and the General Long-Term Liabilities accounts.