Which of the following accounts normally has a credit balance?
a. Sales Discounts
b. Sales Returns and Allowances
c. Purchases Returns and Allowances
d. Purchases
e. Accounts Receivable
Question 2
A local town received a donation of 300,000 . The donor stipulated that the money be permanently invested with the investment proceeds being used to provide funding for the town's recreation programs.
Which of the following best describes the reporting options for this transaction?
a. The town should record the 300,000 as an other financing source in the General Fund.
b. The town should record the 300,000 as an other financing source in a Permanent Fund.
c. The town should record the 300,000 as a revenue in a Permanent Fund.
d. The town should record the 300,000 as an extraordinary item in the General Fund.
e. The town should record the 300,000 as a Capital Contribution in a Permanent Fund.
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Example of a chart of accounts.
Acid–Base Balance
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