Author Question: In the closing process, the Sales Returns and Allowances account is credited. Indicate whether the ... (Read 71 times)

lidoalex · **on:** Jul 6, 2018

In the closing process, the Sales Returns and Allowances account is credited.
Indicate whether the statement is true or false

Question 2

If General Fund cash is transferred to a Debt Service Fund to provide resources to refund outstanding debt, the Debt Service Fund statement of revenues, expenditures, and changes in fund balance would report

a. an other financing source when the cash is received.
b. an expenditure when the cash is used to refund the outstanding debt.
c. a revenue.
d. Both a and b.
e. Both b and c.