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Rainbow [258]
2 years ago
15

Jefferson County bought a new backhoe using General Fund cash. When the asset was acquired, what was the appropriate entry that

was made in the General Fund, assuming that the entity maintains its books and records in a manner to facilitate the preparation of fund financial statements? a. Debit Equipment; Credit Cash. b. Debit Equipment; Credit Investment in fixed assets. c. Debit Expenditure; Credit Cash. Debit Expenditure; d. Credit Investment in fixed assets.
Business
1 answer:
GalinKa [24]2 years ago
6 0

Answer:

a. Debit Equipment; Credit Cash.

Explanation:

Backhoe is a fixed asset therefore, cannot be categorized as an expenditure, further it is paid in cash therefore, cash account will be credited, and further

Equipment will be debited, as asset account is debited if created or any value added in it , also in categorization the equipment will be clubbed in fixed assets but directly the amount will not be debited to fixed assets.

Therefore correct entry will be:

Debit Equipment

Credit Cash

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a. Only institutions, and not individuals, can participate in derivatives market transactions. b. If you purchased 100 shares of
Marina CMI [18]

Answer:

e. As they are generally defined, money market transactions involve debt securities with maturities of less than one year.

Explanation:

Statement E, As they are generally defined, money market transactions involve debt securities with maturities of less than one year is true.

Statement A is not true. It is primary market transaction.

Statement B is not true. Individuals can also participate in derivatives market transactions.

Statement C is not true. The IPO market is a subset of the primary market.

Statement D is not true. It is a direct transfer of capital.

4 0
3 years ago
Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer pro
katovenus [111]

Answer:

increased

Explanation:

The correct answer is that the equilibrium wage increased as the equilibrium quantity of labor increased.

7 0
2 years ago
Suppose that real GDP is currently ​$13.55 trillion and potential real GDP is​ $14.0 trillion, or a gap of ​$500500 billion. The
Georgia [21]

Answer:

$100 billion

Explanation:

Real GDP is currently = ​$13.55 trillion

Potential real GDP =​ $14.0 trillion

Gap = ​$500 billion

Government purchases multiplier = 5.0

Tax multiplier = 4.0

To increase aggregate demand by $500 billion, the required increase in government expenditure is:

= (1 ÷ government purchases multiplier) × change in aggregate demand

= (1 ÷ 5) × $500

= $100 billion

Therefore, the government expenditure need to be increased by $100 billion.

6 0
3 years ago
If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into an account that pays 2% ann
Andrew [12]

Answer:

The account balance after 4 years will be $2,420.

Explanation:

First we need to add Bob and Judy's amount to find the total amount that will be deposited. (1260+975)=2,235.

Now we will break up the annual interest into monthly interest because it will be compounded monthly. 2/12=0.166.

Then we will break up the 4 years into months also because the interest is compounded monthly. 4*12=48

Now we use the formula for compound interest

Final amount = Principal*(1+R)^N

Principal = 2,235

R= 0.166% or 0.00166

N= 48

We put these values into our formula

2,235*(1+0.00166)^48

=2,420

6 0
3 years ago
Splish Brothers Inc. issues $4.8 million, 5-year, 7% bonds at 102, with interest payable on January 1. The straight-line method
Radda [10]

Answer and Explanation:

The Journal entries are shown below:-

Interest expense Dr, $316,800

Premium on bonds payable Dr, $19,200 ($96,000 ÷ 5)

            To Interest payable $336,000    ($4,800,000 × 7%)

(Being interest expense and bond premium amortization is recorded)

Here we debited the interest expenses and premium on bonds as it increased the expenses and we credited the interest payable as it also increased the liabilities

5 0
3 years ago
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