Author Question: The adjusting entry for supplies on hand is always reversed. Indicate whether the statement is ... (Read 127 times)

segrsyd · **on:** Jul 6, 2018

The adjusting entry for supplies on hand is always reversed.
Indicate whether the statement is true or false

Question 2

The city of Green Hope levied property taxes of 1,000,000, 2 of which is expected to be uncollectible and the balance is expected to be collected during the year.

How much revenue should be recorded in the Revenues Subsidiary Ledger as of the levy date?
a. 1,000,000
b. 980,000
c. 1,000,000 in the Revenues Subsidiary Ledger and 20,000 in the Expenditures Subsidiary Ledger
d. No entry should be recorded in the Revenues Subsidiary Ledger until the taxes are actually received.