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Author Question: A bridge construction project, accounted for in a Capital Projects Fund, is in Year 2 of an ... (Read 107 times)

gbarreiro

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on: Jul 5, 2018
A bridge construction project, accounted for in a Capital Projects Fund, is in Year 2 of an anticipated three year construction period. In Year 1, costs of 300,000 were incurred. In Year 2, 1,530,000 of costs were incurred.
 
  What entry would be necessary in the General Capital Assets accounts for Year 2?
 
   Debit Credit
  A. Capital Outlay
   Cash 1,530,000
  1,530,000
  B. Construction in progress
   Cash 1,530,000
  1,530,000
  C. Construction in progress
   Net investment in capital assets 1,530,000
  1,530,000
  D. Construction in progress
   Net investment in capital assets 1,830,000
  1,830,000

Question 2

It is critical for accountants to understand enterprise resource planning (ERP) systems.
  Indicate whether the statement is true or false


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pami445

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

C

Answer to Question 2

T


gbarreiro

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Reply 2 on: Jul 5, 2018
Thanks for the timely response, appreciate it

rachel

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

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