Cash sales are recorded in the sales journal. a. True b. False ...

[lak]

Cash sales are recorded in the sales journal.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Carter County entered into a capital lease to finance a 911 emergency telecommunications system. The capitalizable cost of the equipment was 185,000 and the county made a 25,000 down payment.
 
  The first debt service payment is not due until the next fiscal year. The entry to record the inception of this lease in the General Fund would be
  dr cr
 
  a. Expenditures 185,000Lease Payable 160,000Cash 25,000
  b. Expenditures 185,000Other Financing Sources 160,000Cash 25,000
  c. Expenditures 160,000Capital Asset 25,000 Lease Payable 160,000 Cash 25,000
  d. Capital Asset 185,000
  Lease Payable 160,000
  Cash 25,000
  e. Capital Asset 185,000
  Other Financing Sources 160,000
  Cash 25,000

[tandmlomax84]

Answer to Question 1

False

Answer to Question 2

B

[lak]

Thank you

[tandmlomax84]

No problemo