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Author Question: A general government department of a county government donated a capital asset with an original cost ... (Read 72 times)

savannahhooper

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on: Jul 5, 2018
A general government department of a county government donated a capital asset with an original cost of 40,000 and accumulated depreciation of 15,000 to one of the county's proprietary funds. The proprietary fund would record the transaction as a
 
  A. Debit to capital assets of 40,000 and a credit to revenue.
  B. Debit to capital assets of 40,000 and a credit to capital contribution.
  C. Debit to capital assets of 25,000 and a credit to revenue.
  D. Debit to capital assets of 25,000 and a credit to capital contribution.

Question 2

Which of the following is nota correct rule of debits and credits?
 a. Assets, expenses, and withdrawals are increased by debits.
  b. Assets are decreased by credits and have a normal debit balance.
  c. Liabilities, revenues, and owner's equity are increased by credits.
  d. The normal balance for revenues and expenses is a credit.


ebenov

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

D

Answer to Question 2

d


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