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
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