A village's legal debt limit is 20 million. Its outstanding general obligation debt is 9 million. The full value of its real property is 520 million, which includes 40 million of property that is exempt from taxation.
What is the village's debt burden?
a. 1.7
b. 1.9
c. 3.8
d. 4.2
Question 2
An adjustment resulting from a creditor reducing the amount owed on an unpaid invoice due to an invoicing errorwould be recorded in the
a. general journal
b. purchases journal
c. cash payments journal
d. cash receipts journal
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