When a journal entry includes either a debit or a credit to Accounts Receivable, the amount must be posted to both the general ledger and the subsidiary ledger.
a. True
b. False
Indicate whether the statement is true or false
Question 2
A county with a fiscal year end of December 31 makes debt service payments each year from governmental fund resources. One debt service payment is for 30,000 (11,000 principal reduction, 19,000 interest) and is paid on June 30 and Dec. 31 .
The other is for 20,000 (14,000 principal reduction, 6,000 interest) and is paid on March 31 and September 30 . What will the governmental fund report as expenditures for the month of December?
a. 0
b. 19,000
c. 22,000
d. 30,000
e. 40,000
Accounts receivable cycle.
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