Which of the following is always recorded in the general journal?
a. rendering services for cash
b. purchases of supplies on account
c. rendering services on account
d. closing entries
Question 2
A not-for-profit organization enters into an agreement with a local bank to provide it with a letter of credit for a building project.
The bank requires the organization to put aside 10 of pledges collected for the building project in a separate account as a good faith deposit for the line of credit. At year-end, the organization has 255,000 in this separate account. How should the 255,000 of net assets be classified?
a. As unrestricted net assets because the restriction is from a creditor relationship
b. As temporarily restricted net assets until the money is used on the building project
c. As temporarily restricted net assets until the line of credit is repaid and the separate account closed.
d. As restricted net assets
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A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ...
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