This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A government received insurance proceeds of 35,000 in the General Fund for water and smoke damage ... (Read 91 times)

jayhills49

  • Hero Member
  • *****
  • Posts: 559
on: Jul 5, 2018
A government received insurance proceeds of 35,000 in the General Fund for water and smoke damage that occurred at City Hall. What journal entry best describes the accounting treatment in the General Fund for the receipt of these funds?
 
  A. Debit cash and credit revenues.
  B. Debit cash and credit other financing sources.
  C. Debit cash and credit expenditures.
  D. Debit cash and credit other financing uses.

Question 2

In accordance with the debit and credit rules, which of the following is true?
 a. Debits increase assets.
  b. Credits increase assets.
  c. Debits increase both assets and capital.
  d. Credits increase both assets and liabilities.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

helenmarkerine

  • Sr. Member
  • ****
  • Posts: 324
Reply #1 on: Jul 5, 2018
Answer to Question 1

B

Answer to Question 2

a


jayhills49

  • Member
  • Posts: 559
Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

miss.ashley

  • Member
  • Posts: 371
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Water chain in cytochrome f Water chain in cytochrome f
Water caltrop Water caltrop
General location of the primary auditory cortex and areas of secondary auditory cortex. Most ... General location of the primary auditory cortex and areas of secondary auditory cortex. Most ...
Access to clean drinking water is just as important as adequate nutrition for human health Access to clean drinking water is just as important as adequate nutrition for human health
Damage and Repair in the CNS Damage and Repair in the CNS
Root uptake of soil water Root uptake of soil water
Video: Cytotoxic T cell receptors, activation, proliferation, differentiation & action

For a complete list of videos, visit our video library