Question

A special revenue fund for flood control has these transactions: Payroll, $1,400,000; equipment purchases, $2,800,000; maintenance costs, $4,200,000; payments to the general fund, $700,000. On the special revenue fund operating statement, what are total expenditures? Select one: a. $8,400,000 b. $9,100,000 c. $6,300,000 d. $5,600,000 

          A special revenue fund for flood control has these transactions: Payroll, $1,400,000; equipment purchases, $2,800,000; maintenance costs, $4,200,000; payments to the general fund, $700,000. On the special revenue fund operating statement, what are total expenditures? Select one: a. $8,400,000 b. $9,100,000 c. $6,300,000 d. $5,600,000
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Horngren’s Cost Accounting
Horngren’s Cost Accounting
Srikant M. Datar, Madhav V. Rajan 16th Edition
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A special revenue fund for flood control has these transactions: Payroll, $1,400,000; equipment purchases, $2,800,000; maintenance costs, $4,200,000; payments to the general fund, $700,000. On the special revenue fund operating statement, what are total expenditures? Select one: a. $8,400,000 b. $9,100,000 c. $6,300,000 d. $5,600,000
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Transcript

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00:01 In this video, we're going to identify the proper journal entry to record the transaction of purchasing an office equipment.
00:11 Now, when you purchase an office equipment, since an office equipment is an asset, therefore you debit your asset, particularly specific account is office equipment, so in the amount of $525 ,000.
00:33 Now, what are you going to credit? so notice that the purchase is on account.
00:44 Therefore, you credit your accounts receivable.
00:49 I'm sorry, i'm really sorry.
00:51 You credit your accounts payable in the same amount...
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