Author Question: Which of the following describes the classification and normal balance of the fees earned account? ... (Read 74 times)

jlmhmf · **on:** Jul 5, 2018

Which of the following describes the classification and normal balance of the fees earned account?
a. asset, credit
b. liability, credit
c. owner's equity, debit
d. revenue, credit

Question 2

The following information pertains to the Richardson County General Fund:
Appropriations 10,000,000
Estimated Revenues 12,000,000
Expenditures 12,800,000
Revenues 9,200,000
Long-term note issue proceeds 1,000,000
Short-term note

principal retirements 250,000
Operating transfers to other funds 75,000

The change in Richardson County's General Fund fund balance for the year is a
A. 2,600,000 decrease.
B. 2,675,000 decrease.
C. 2,925,000 decrease.
D. 3,600,000 decrease.