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Author Question: Revenues are reported when a. a contract is signed b. cash is received from the customer c. work ... (Read 87 times)

mmm

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on: Jul 6, 2018
Revenues are reported when
 a. a contract is signed
  b. cash is received from the customer
  c. work is begun on the job
  d. work is completed on the job

Question 2

A county government sold two of its emergency vehicles for a total of 35,000 . The vehicles had a collective net book value of 46,000 (total original cost = 150,000; accumulated depreciation = 104,000).
 
  The entry that would be made in the General Fund at the time of the transaction would be
 
   Debit Credit
  A. Cash
   Capital Contribution 35,000
  35,000
  B. Cash
   Other Financing Sources  Sale of Capital Assets 35,000
  35,000
  C. Cash
  Accumulated Depreciation
  Loss on Sale of Capital Assets
   Capital Assets -- Vehicles 35,000
  104,000
  11,000
 
  150,000
  D. Cash
  Loss on Sale of Capital Assets
   Other Financing Sources  Sale of Capital Assets 35,000
  11,000
 
  46,000


bblaney

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Reply #1 on: Jul 6, 2018
Answer to Question 1

d

Answer to Question 2

B


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