Author Question: A city collected 750,000 of taxes levied during the current fiscal year (the total levy was ... (Read 54 times)

Engineer · **on:** Jul 5, 2018

A city collected 750,000 of taxes levied during the current fiscal year (the total levy was 780,000), 50,000 of past due taxes levied in a previous year, and 25,000 of prepayments for next year's taxes.

The city should report tax revenue in the General Fund of
a. 750,000
b. 800,000
c. 825,000
d. 855,000
e. 830,000

Question 2

Gently Laser Clinic purchased laser equipment for 8,500, paid 2,250 down, with the remainder to be paidlater. The correct entry would be
a. Equipment
Cash 2,250
2,250
b. Cash 2,250
Accounts Payable
Equipment 6,250
8,500
c. Equipment Expense 8,500
Accounts PayableCash 2,250
6,250
d. Equipment
Accounts Payable 8,500
6,250
Cash 2,250