Question
The following items were among Birch Villages' capital expenditures during the year that ended December 31: Equipment for village tax collector's office $40,000 Vehicles for
The following items were among Birch Villages' capital expenditures during the year that ended December 31:
| Equipment for village tax collector's office | $40,000 |
| Vehicles for village electric utility | $60,000 |
What amounts should have been recorded in the General Fund and Enterprise Fund for the increase in equipment during the year ended December 31, assuming the electric utility is accounted for in an Enterprise Fund?
A. General Fund: $0; Enterprise Fund: $0
B. General Fund: $0; Enterprise Fund: $60,000
C. General Fund: $40,000; Enterprise Fund: $60,000
D. General Fund: $100,000; Enterprise Fund: $0
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Governmental and Nonprofit Accounting Theory and Practice
Authors: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
11th edition
133799565, 978-0133799569
