« previous next »

Author Question: Which of the following accounts normally has a credit balance? a. Sales Discounts b. Sales ... (Read 123 times)

CBme

  • Hero Member
  • *****
  • Posts: 548
on: Jul 6, 2018
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.


xthemafja

  • Sr. Member
  • ****
  • Posts: 348
Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

As many as 28% of hospitalized patients requiring mechanical ventilators to help them breathe (for more than 48 hours) will develop ventilator-associated pneumonia. Current therapy involves intravenous antibiotics, but new antibiotics that can be inhaled (and more directly treat the infection) are being developed.

Material Balance over #3 Heat Exchanger Material Balance over #3 Heat Exchanger
How Mendel’s theory accounts for the results of his experiment on the inheritance of seed color in ... How Mendel’s theory accounts for the results of his experiment on the inheritance of seed color in ...
Cylinder Power Balance Test Cylinder Power Balance Test
Acid–Base Balance Acid–Base Balance
Acid–Base Balance Acid–Base Balance
The leptin–melanocortin pathway of energy balance The leptin–melanocortin pathway of energy balance
Video: Hierarchical Sequencing Method - Sequence Tagged Sites

For a complete list of videos, visit our video library