For each of the following transactions, determine the correct debit account from among the choices below: A. Expenditures B. Encumbrances C. Property, Plant, and Equipment (Capital Assets) D. Expenses E. Appropriations F. Other Financing Uses-Transfers Out G. Extraordinary Item H. Special Items I. Liabilities J. Answer not included in the above selections A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 Answer 1 Question 3 A proprietary fund makes a currently due principal payment on Bonds Payable Answer 2 Question 3 A proprietary fund recognizes and pays an interest payment that is currently due Answer 3 Question 3 A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met Answer 4 Question 3 A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and importation of a fresh water supply totals $50,000,000 Answer 5 Question 3
For each of the following transactions, determine the correct debit account from among the choices below: A. Expenditures B. Encumbrances C. Property, Plant, and Equipment (Capital Assets) D. Expenses E. Appropriations F. Other Financing Uses-Transfers Out G. Extraordinary Item H. Special Items I. Liabilities J. Answer not included in the above selections A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 Answer 1 Question 3 A proprietary fund makes a currently due principal payment on Bonds Payable Answer 2 Question 3 A proprietary fund recognizes and pays an interest payment that is currently due Answer 3 Question 3 A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met Answer 4 Question 3 A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and importation of a fresh water supply totals $50,000,000 Answer 5 Question 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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For each of the following transactions, determine the correct debit account from among the choices below:
A. Expenditures
B. Encumbrances
C. Property, Plant, and Equipment (Capital Assets)
D. Expenses
E. Appropriations
F. Other Financing Uses-Transfers Out
G. Extraordinary Item
H. Special Items
I. Liabilities
J. Answer not included in the above selections
|
A proprietary fund signs a contract to build an office building with Do Good Construction for $10,000,000 |
Answer 1 Question 3 |
|
A proprietary fund makes a currently due principal payment on Bonds Payable |
Answer 2 Question 3 |
|
A proprietary fund recognizes and pays an interest payment that is currently due |
Answer 3 Question 3 |
|
A proprietary fund spends $5,000,000 of a capital grant for construction of a parking garage. Assume eligibility has been met |
Answer 4 Question 3 |
| A city’s water supply in a proprietary fund is contaminated by terrorists. Cost of clean up, disposal and importation of a fresh water supply totals $50,000,000 | Answer 5 Question 3 |
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