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 47 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
Great answer, keep it coming :)

amandalm

  • Member
  • Posts: 306
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

General structure of an amino acid General structure of an amino acid
Claude Monet, Bridge over a Pool of Water Lilies. Claude Monet, Bridge over a Pool of Water Lilies.
Two water pipes together can fill a certain tank in 6 h Two water pipes together can fill a certain tank in 6 h
Water Helps Regulate Your Body Temperature Water Helps Regulate Your Body Temperature
Water resources Water resources
Water strider (Gerris remigis) on water surface, showing surface tension. Water strider (Gerris remigis) on water surface, showing surface tension.
Video: Glycolysis - Introduction to ATP and the burning of sugar

For a complete list of videos, visit our video library