Author Question: Which of the following accounts normally has a debit balance? a. Sales b. Sales Discounts c. ... (Read 148 times)

KWilfred

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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.



wergv

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Answer to Question 1

b

Answer to Question 2

B



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wergv

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