Land, originally purchased for 30,000, is sold for 62,000 in cash. What is the effect of the sale on the accountingequation?
a. assets increase 62,000; owner's equity increases 62,000
b. assets increase 32,000; owner's equity increases 32,000
c. assets increase 62,000; liabilities decrease 30,000; owner's equity increases 32,000
d. assets increase 30,000; no change for liabilities; owner's equity increases 62,000
Question 2
A Debt Service Fund received a 100,000 payment from the General Fund to finance upcoming debt service payments. During the year, Debt Service Fund payments of 50,000 interest and 60,000 principal were made as they become due.
The Debt Service Fund statement of revenues, expenditures, and changes in fund balance should report
a. An excess of revenues over expenditures of 50,000
b. An excess of expenditures over revenues of 10,000
c. An excess of expenditures over revenues of 50,000
d. An excess of expenditures over revenues of 110,000
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