Which of the following accounts normally has a debit balance?
a. Sales
b. Sales Discounts
c. Sales Tax Payable
d. Sales and Sales Tax Payable
e. Sales Discounts and Sales Tax Payable
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
dr cr
a. Cash 35,000 Capital Contribution 35,000
b. Cash 35,000 Other Financing Sources Sale of Capital Assets 35,000
c. Cash 35,000 Accumulated Depreciation 104,000 Loss on Sale of Capital Assets 11,000 Capital Assets Vehicles 150,000
d. Cash 35,000
Loss on Sale of Capital Assets 11,000
Other Financing Sources Sale of
Capital Assets 46,000
e. An entry is not necessary in the General Fund as this transaction only affects the General Capital Assets accounts.
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