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Author Question: Individual amounts in the Accounts Receivable Credit column of a cash receipts journal are a. ... (Read 46 times)

Charlie

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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.


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macagnavarro

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Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

A


Charlie

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

LVPMS

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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