Author Question: Under the accrual basis of accounting, sales on account are not recorded in the sales journal until ... (Read 66 times)

lidoalex · **on:** Jul 6, 2018

Under the accrual basis of accounting, sales on account are not recorded in the sales journal until payment is received.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Ashley Woods Village issued 4,000,000 in general obligation bonds to finance the widening of a local thoroughfare. This bond issuance transaction will most likely

a. increase fund balance in the General Fund by 4,000,000
b. decrease fund balance in the General Fund by 4,000,000
c. increase fund balance in the Capital Projects Fund by 4,000,000
d. decrease fund balance in the Capital Projects Fund by 4,000,000
e. have no effect on the fund balance of the Capital Projects Fund.