1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Rainbow [258]
3 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]3 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

You might be interested in
How would the issuance of common stock for cash affect the accounting​ equation?
shepuryov [24]

Answer:

Explanation:

The journal entry to record the given transaction is shown below:

Cash A/c Dr XXXXX

    To Common stock A/c XXXXX

(Being the issuance of the common stock is recorded)

The accounting equation is

Total Assets = Total liabilities + Stockholder equity

Cash Increased = No effect    + Increased

Therefore, the cash account and the common stock is increased.

3 0
3 years ago
Could the product flow operate independently from other channel flows?
11111nata11111 [884]
It could, as long as it fulfills these two conditions
- The products could generate enough profit without the boost that givenn by other channel flows.
- The independent operation would not cause a decrease in profit for other channels flow because eventually, business owners only want to do the combination that bring the most profit.
4 0
3 years ago
What form of welfare gives direct payments to recipients
jonny [76]
Since you provide no options, one of the form of welfare that gives direct payments to recipients is : DPDP
Which stands for Direct payments demonstration Projects

hope this helps

5 0
3 years ago
Sharon works for a cereal manufacturing company. Her company recently built a manufacturing facility in Canada and agreed to tak
sergejj [24]

Answer:

d. buyback

Explanation:

The scenario that is being described is a form of countertrade known as buyback. There are two reasons why this usually happens. The first is that the manufacturing company has limited access to liquid funds in the country which they are currently located and the goods provide better value. The second circumstance would be that they believe that the product being produced will increase in value and their profits will increase by holding the product as opposed to liquid funds.

4 0
3 years ago
Theo chocolate is ready to take their products abroad. Deborah, Theo chief marketing officer, has decided that the company needs
gayaneshka [121]

Answer: B) export strategy

Explanation:

3 0
3 years ago
Other questions:
  • Who is the watchdog over spending of funds?
    12·1 answer
  • A statistic is said to be unbiased if:
    12·1 answer
  • The chair of the Federal Reserve Bank spoke to the American public. The message she conveyed is that Fed economists are worried
    7·1 answer
  • Ajak Corporation owns​ 85% of the single class of Utech Corporation stock. Utech Corporation owns​ 35% of Tech Corporation. Ajak
    5·1 answer
  • Reacting to increasing public criticism and FTC scrutiny in the 1970s, the ad industry established the ________ to monitor poten
    6·1 answer
  • Motor Vehicle Assembly Corporation operates a plant near the border between the United States and Mexico. Due to the location, i
    12·1 answer
  • 1. Choose a real or made up example of a company, and describe at least three variable costs the
    10·1 answer
  • A nation's ability to produce a product more efficiently than another country is referred to as
    6·2 answers
  • 3.
    8·1 answer
  • Question 2 (5 points) Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liqui
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!