When a general journal and four special journals are in use, the entries in the Cash account will generally be posted from
a. two special journals and the general journal.
b. only two of the four special journals.
c. all the books of original entry.
d. only three of the four special journals.
e. only the general journal.
Question 2
Government A secured a 400,000 short-term loan from a local bank for interim financing for a governmental capital project. What would the journal entry be in the Capital Projects Fund to account for this transaction?
dr cr
a. Cash 400,000 Other Financing Sources 400,000
b. Cash 400,000 Notes Payable 400,000
c. Construction in Progress 400,000 Other Financing Sources 400,000
d. Cash 400,000
Revenues 400,000
e. No entry is required in the Capital Projects Fund as this is a financing agreement.
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