After posting the total goods sold on account to the Accounts Receivable account, the accountant places a check mark below the Accounts Receivable column in the sales journal.
a. True
b. False
Indicate whether the statement is true or false
Question 2
The police department of the city of Newport purchased 10 new patrol cars at the beginning of the new budget year for a total cash price of 250,000 . This purchase will
a. increase capital assets reported in the General Fund by 250,000
b. have no effect on capital assets in the General Fund, but will decrease fund balance in the General Fund by 250,000
c. increase capital assets reported in the General Fund by 250,000, as well as decrease fund balance in the General Fund by the same amount.
d. have no effect on capital assets or fund balance.
e. increase both capital assets and fund balance in the General Fund by 250,000.
Cats sold for meat alongside ducks
Example of a chart of accounts.
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