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Author Question: A government plans to create an Internal Service Fund to account for its new central warehouse. The ... (Read 41 times)

burchfield96

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on: Jul 5, 2018
A government plans to create an Internal Service Fund to account for its new central warehouse. The General Fund loans the Internal Service Fund 100,000, which is going to pay back the loan interest-free in five years.
 
  The entry in the Internal Service Fund to record this transaction would be
 
   Debit Credit
  A. Cash
   Revenue 100,000
  100,000
  B. Cash
   Capital Contribution 100,000
  100,000
  C. Cash
   Transfer from General Fund 100,000
  100,000
  D. Cash
   Advance from General Fund 100,000
  100,000

Question 2

The statement of owner's equity shows the state of the business on a specific date.
 a. True
   b. False
   Indicate whether the statement is true or false


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Ahernandez18

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Reply #1 on: Jul 5, 2018
Answer to Question 1

D

Answer to Question 2

False


burchfield96

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  • Posts: 610
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

kjohnson

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Reply 3 on: Yesterday
Excellent

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