Author Question: Individual amounts in the Accounts Receivable Credit column of a cash receipts journal are a. ... (Read 162 times)

Charlie · **on:** Jul 6, 2018

Individual amounts in the Accounts Receivable Credit column of a cash receipts journal are
a. posted monthly to the accounts receivable ledger.
b. posted monthly to the general ledger.
c. posted daily to the accounts receivable ledger.
d. posted daily to the general ledger.
e. not posted.

Question 2

A local citizen donated land to the city's Private-Purpose Trust Fund. The land has a fair market value of 50,000 but the donor's basis was 45,000 . The trust fund will report

a. additions of 50,000
b. additions of 45,000
c. capital contributions of 50,000
d. capital contributions of 45,000
e. None of the above.