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Author Question: The trial balance a. shows the current date. b. shows only debit balances. c. shows only credit ... (Read 150 times)

savannahhooper

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on: Jul 5, 2018
The trial balance
 a. shows the current date.
   b. shows only debit balances.
   c. shows only credit balances.
   d. lists only accounts that are used to prepare the balance sheet.

Question 2

A government college received a 2 million grant restricted to research on developing a process for synthesizing a stable triple helix. 500,000 of qualifying research costs were incurred during the year. The college should report:
 
  A. Grant revenues of 2 million.
  B. Grant revenues of 500,000 and a liability for unearned grant revenues of 1.5 million.
  C. Grant revenues of 500,000 and deferred inflows of 1.5 million.
  D. Unearned grant revenues of 2 million until the research is completed.


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cuttiesgirl16

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

B


savannahhooper

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Reply #2 on: Jul 5, 2018
Thank you


cuttiesgirl16

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Reply #3 on: Jul 5, 2018
No problemo


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