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Author Question: Which is NOT a characteristic of the Sales Returns and Allowance Account? a. It has a debit balance ... (Read 68 times)

genevieve1028

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on: Jul 6, 2018
Which is NOT a characteristic of the Sales Returns and Allowance Account?
 a. It has a debit balance
   b. It tracks returns from vendors
   c. It tracks returns from customers
   d. It is a contra-revenue account

Question 2

A city government purchased a new fire truck in Year 1 for 270,000 . The city incurred an additional  30,000 in transportation and calibration costs to ready it for use.
 
  It has an estimated useful life of 20 years, though it is being financed over a 15 year period. The amount of depreciation that will be reported each year in the General Fund will be
  a. 0
  b. 13,500
  c. 15,000
  d. 18,000
  e. 20,000


princessflame2016

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

b

Answer to Question 2

A


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