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Author Question: If a county receives 27,000, for the sale of a dump truck with a historical cost of 60,000, and ... (Read 76 times)

deesands

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  • Posts: 514
on: Jul 5, 2018
If a county receives 27,000, for the sale of a dump truck with a historical cost of 60,000, and accumulated depreciation of 25,000, the one-worksheet conversion adjustment would be
   Debit Credit
 
  A. Other Financing Source  Sale of Vehicle
  Accumulated Depreciation  Vehicle
  Loss on sale of vehicle
   Vehicle 27,000
  25,000
  8,000
 
  60,000
  B. Other Financing Source  Sale of Vehicle
   Vehicle 27,000
  27,000
  C. Other Financing Source  Sale of Vehicle
  Accumulated Depreciation  Vehicle
   Vehicle 27,000
  33,000
 
  60,000
  D. Other Financing Source  Sale of Vehicle
  Loss on sale of vehicle
   Vehicle 27,000
  33,000
 
  60,000

Question 2

Unearned Fees appear on the
 a. balance sheet in the current assets section
  b. balance sheet as a current liability
  c. balance sheet in the owner's equity section
  d. income statement as revenue


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deja

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

A

Answer to Question 2

b


deesands

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  • Posts: 514
Reply 2 on: Jul 5, 2018
Excellent

coreycathey

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  • Posts: 333
Reply 3 on: Yesterday
Great answer, keep it coming :)

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