Author Question: As of the end of the fiscal year, a Capital Projects Fund has material balances of supplies ... (Read 122 times)

Zulu123 · **on:** Jul 5, 2018

As of the end of the fiscal year, a Capital Projects Fund has material balances of supplies inventory. Which fund balance classification would reflect the inventory of supplies?

A. Nonspendable.
B. Restricted.
C. Committed.
D. Assigned.

Question 2

May 24 Land 105,000 Cash 105,000 Purchased land for business. What effects does this journal entry have on the accounts?
a. increase Cash and increase Land
b. increase Land and decrease Cash
c. decrease Cash and decrease Land
d. increase Cash and decrease Land