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Author Question: The city council decides to close the Library Special Revenue fund and send its remaining resources ... (Read 43 times)

bio_gurl

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on: Jul 5, 2018
The city council decides to close the Library Special Revenue fund and send its remaining resources (45,000 cash) to the General Fund. What account should the Library Special Revenue Fund debit when it sends the cash to the General Fund?
 
  a. advance to general fund
  b. transfer out to general fund
  c. due from general fund
  d. expenditures - fund closeout

Question 2

Expenses that are incurred in operating the enterprise increase owner's equity.
 a. True
   b. False
   Indicate whether the statement is true or false


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karmakat49

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

b

Answer to Question 2

False


bio_gurl

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  • Posts: 524
Reply 2 on: Jul 5, 2018
Wow, this really help

lcapri7

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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