A schedule of Accounts Receivable is prepared from:
a. Trial Balance
b. Balance Sheet
c. Accounts Receivable Subsidiary Ledger
d. Accounts Receivable Control Account
Question 2
Assume that a government purchases 85,000 of General Fund inventory during the year. The General Fund began the year with an inventory balance of 15,000 and ended the year with a balance of 35,000 .
The General Fund uses the consumption method of inventory accounting and a perpetual inventory system. The General Fund should report
a. no expenditures for the year as the General Fund uses a perpetual inventory system.
b. expenditures of 85,000 for the year.
c. expenditures of 65,000 for the year.
d. transfers out of 85,000 for the year.
e. transfers out of 65,000 for the year.
