Author Question: Assume the following transactions occurred in a school district General Fund during the year ... (Read 50 times)

mpobi80 · **on:** Jul 6, 2018

Assume the following transactions occurred in a school district General Fund during the year

Charges for services collected - 25,000
Taxes levied - 2,450,000
Taxes collected from current year levy and prior year tax levies - 2,320,000
Tax prepayments received - 10,000
Grants earned and received during the year - 300,000
Grants awarded but not yet available - 250,000

The amount of revenues recognized in the General Fund for the year would be
a. 2,645,000
b. 2,785,000
c. 3,035,000
d. 2,905,000
e. 2,620,000

Question 2

The purchases journal is used for the purchase of
a. merchandise for cash.
b. merchandise on account.
c. assets other than merchandise for cash.
d. assets other than merchandise on account.
e. merchandise or other assets for cash.