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Author Question: Assume the following transactions occurred in a school district General Fund during the year ... (Read 47 times)

mpobi80

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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.


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shoemake

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

A

Answer to Question 2

b


mpobi80

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

meganmoser117

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Reply 3 on: Yesterday
Excellent

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