Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi may I please have answers for those questions Notice: the second picture is the rest of choices for question #14 A local school district

image text in transcribed
image text in transcribed
Hi may I please have answers for those questions
Notice: the second picture is the rest of choices for question #14
A local school district issued a short-term note payable to purchase $50o,ooo of 13. note will be repaid with General Fund resources. The recreation equipment. The General Fund would report 1. expenditures of $500,000. ital asset of s500,000 and a note payable of $500,000. 2. a cap 3. a note payable of $500,000. 4. a capital asset of $500,000. 5. expenditures of $500,oo0 and revenues of $500,0o0 from issuance of the note. 14. The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of $750,000, other financing sources of s 50,oo0, and expenditures of $725,000o. The closing entry in the Special Revenue Fund would be 1. Expenditures $ 725.000 Net profit 75,000 Revenues $ 750,000 Other Financing Sources 50,000 2. Expenditures $ 725,0o0 Other Financing Uses 75,000 Revenues $750,000 Other Financing Sources 50,000 3. Expenditures $ 725,000 Unreserved Fund Balance 75,000 Revenues $ 750,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Quality Association Between Published Reporting Errors And Audit Firm Characteristics

Authors: Jonas Tritschler

2014 Edition

3658041730, 978-3658041731

More Books

Students also viewed these Accounting questions