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Author Question: Nathan Township's General Fund transfers three vehicles to the Internal Service Fund. The vehicles, ... (Read 87 times)

mwit1967

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on: Jul 5, 2018
Nathan Township's General Fund transfers three vehicles to the Internal Service Fund. The vehicles, which have a useful life of five years, are transferred at the end of their fourth year. The original cost for all three vehicles totaled 75,000 .
 
  The entry in the Internal Service Fund would be
   Debit Credit
  A. Vehicles
   Accumulated Depreciation  Vehicles
   Net Investment in Capital Assets 75,000
  60,000
  15,000
  B. Vehicles
   Accumulated Depreciation  Vehicles
   Capital Contributions 75,000
  60,000
  15,000
  C. Vehicles
   Capital Contributions 15,000
  15,000
  D. Vehicles
   Accumulated Depreciation  Vehicles
   Transfer from General Fund 75,000
  60,000
  15,000

Question 2

Jason purchased office equipment for 4,800 in cash. This transaction would
 a. increase assets and increase owner's equity.
   b. increase assets and increase liabilities.
   c. increase one asset and decrease another asset.
   d. decrease assets and decrease liabilities.


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dominiqueenicolee

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

B

Answer to Question 2

c


mwit1967

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

skipfourms123

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Reply 3 on: Yesterday
:D TYSM

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