At the end of the accounting period, the following should occur ...

[Sportsfan2111]

At the end of the accounting period, the following should occur with supplies.
 a. No action is required.
   b. An adjusting entry should be made to expense the used supplies at the end of the period.
   c. A physical inventory should be taken.
   d. Both b and c.

Question 2

Refunding bonds were issued by an Enterprise Fund with a face value of 15,000,000 at a 1 discount. Issuance costs were 225,000 . The entry to record the issuance of the refunding bonds would be
 
   dr cr
 
  a. Cash 14,625,000 Expenditures 225,000 Other Financing Uses  Discount 150,000 Other Financing Sources  Bonds 15,000,000
  b. Cash 14,625,000 Expenditures 225,000 Other Financing Sources  Bonds 14,850,000
  c. Cash 15,000,000 Bonds Payable 15,000,000
  d. Cash 14,625,000
   Unamortized Deferred Charges/Discount 375,000
   Bonds Payable 15,000,000
  e. Cash 14,625,000
   Expenditures 225,000
   Unamortized Discount 150,000
   Bonds Payable 15,000,000

[millet]

Answer to Question 1

d

Answer to Question 2

B