The General Fund transfers 25,000 withheld from employee's gross pay during the last quarter to the Pension Trust Fund. Which of the following statements regarding this transaction is true?
A. The General Fund will reduce a liability and the Pension Trust Fund will record additions.
B. The General Fund will report expenditures and the Pension Trust Fund will record revenues.
C. The General Fund will report expenditures and the Pension Trust Fund will record additions.
D. The General Fund will reduce a liability and the Pension Trust Fund will record revenues.
Question 2
A company receives 360 for a 12-month trade magazine subscription on August 1 . The adjusting entry on December 31 is a debit to Unearned Subscription Revenue, 150, and credit to Subscription Revenue, 150.
a. True
b. False
Indicate whether the statement is true or false
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