A Debt Service Fund accumulates resources to retire debt that is ...

[arivle123]

A Debt Service Fund accumulates resources to retire debt that is due in a lump sum in the year 2014 . The Fund held marketable securities that cost 900,000 when purchased during 2006 and 2007 .
 
  The securities had fair market values of 875,000 on January 1, 2013, and 930,000 on December 31, 2013 . The average fair market value during the year was 895,000 . At what amount should the Fund report the securities in its balance sheet on December 31, 2013?
   a. 875,000
   b. 895,000
   c. 900,000
   d. 930,000

Question 2

Which of the accounts below would not appear in the balance sheet columns of the end-of-period spreadsheet?
 a. Terry James, Drawing
  b. Service Revenue
  c. Unearned Revenue
  d. Terry James, Drawing and Unearned Revenue

[epscape]

Answer to Question 1

d

Answer to Question 2

b

[arivle123]

Thanks for the timely response, appreciate it

[hollysheppard095]

Excellent