Author Question: Special journals are books of original entry that help simplify the recording process. Which is NOT ... (Read 70 times)

TFauchery · **on:** Jul 6, 2018

Special journals are books of original entry that help simplify the recording process. Which is NOT an example of a special journal?
a. Sales Journal
b. General Journal
c. Purchase Journal
d. Cash Receipts Journal
e. Cash Payments Journal

Question 2

Assume that the city of Wakefield purchased a tract of land to be used as a public park. The land purchase was financed with proceeds from a five-year note issued to a local lending institution.

The park itself will not be ready for public use, however, for at least two years. At the date of purchase, the city would most likely account for the transaction in
a. the General Fund and General Long-Term Liabilities accounts.
b. the Enterprise Fund.
c. the General Fund.
d. the General Fund, the General Capital Assets accounts, and the General Long-Term Liabilities accounts.
e. the Enterprise Fund and the Capital Projects Fund.