Assume that a county with a June 30 fiscal year end levied 900,000 in special assessments to finance debt service on a special assessment debt issuance. The levy date was January 20X1 .
The levy is to be paid by the property owners over a 10 year period beginning in January 20X2 . The amount of revenue recognized by the county in the Debt Service Fund as of June 30 20X1 would be
A. 900,000.
B. 90,000.
C. 0.
D. Tax and special assessment revenues are never recognized in a Debt Service Fund.
Question 2
Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. The entry for 975 of supplies used during the period was journalized as a debit to Supplies Expense of 795 and credit to Supplies of 975.
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