ACC-410-WEEK-5-Midterm

Apr 30th, 2015
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Strayer University
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Assume that the City of Juneau maintains its books and records to facilitate the preparation of its       government-wide financial statements.  The City pays its employees bi-weekly on Friday.   The fiscal year ended on Wednesday, June 30.  Employees had been paid on Friday, June 25.  The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30).   They will earn $80,000 on Thursday and Friday (July 1 and 2).  What entry, if any, should be made on June 30? Answer

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ACC 410 WEEK 5 QUIZQuestion 1 4 out of 4 pointsOther financing sources/uses would appear on which of the following statements?Answer Selected Answer: Statement of Revenues, Expenditures, and Changes in Fund Balance.Correct Answer: Statement of Revenues, Expenditures, and Changes in Fund Balance.Question 2 0 out of 4 pointsAssume that the City of Juneau maintains its books and records to facilitate the preparation of its government-wide financial statements. The City pays its employees bi-weekly on Friday. The fiscal year ended on Wednesday, June 30. Employees had been paid on Friday, June 25. The employees paid from the General Fund had earned $120,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30). They will earn $80,000 on Thursday and Friday (July 1 and 2). What entry, if any, should be made on June 30?Answer Selected Answer: Debit Expenditures $120,000; Credit Wages and Salaries Payable $120,000.Correct Answer: Debit Expenses $120,000; Credit Wages and Salaries Payable $120,000.Question 3 4 out of 4 pointsPocahontas School District, an independent public school district, financed the acquisition of a new school bus by signing a note for $90,000 plus interest on the unpaid balance at 6%. Annual principal payment of $30,000, plus interest, are due each July 1. Assuming that the District maintains its books and records in a manner that facilitates the preparation of t

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