Author Question: Transactions in the sales journal are posted both to the general ledger and the accounts receivable ... (Read 55 times)

jhjkgdfhk · **on:** Jul 6, 2018

Transactions in the sales journal are posted both to the general ledger and the accounts receivable ledger.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A court judgment rendered against a county in Year 1 ordered it to pay the plaintiff 500,000 in equal 100,000 installments over a five-year period. The county's General Fund will

a. report a fund liability of 500,000 in Year 1
b. report expenditures of 500,000 in Year 1
c. report expenditures of 100,000 in Year 1
d. report expenditures of 100,000 in Year 1 and a fund liability of 400,000
e. report an other financing use of 100,000 in Year 1