A government has a general government capital project underway.
In the first year of the project, the government purchased land for a building site for 75,000; signed a contract with a contractor for 8,000,000; was billed 4,500,000 by the contractor for work completed during the year; and paid the contractor 4,050,000 . The land was also paid for. At the end of the first year, what amount of assets should be included in General Capital Assets accounts as a result of this activity?
a. 75,000
b. 4,125,000
c. 4,575,000
d. 8,075,000
Question 2
What is the recommended order that special journals should be posted to the subsidiary ledgers and the general ledger?
a. Sales, Purchases, Cash Receipts, Cash Payments
b. Sales, Purchases, Cash Payments, Cash Receipts
c. Sales, Cash Receipts, Purchases, Cash Payments
d. No special order is recommended
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