GAFRB Exam Dumps - Examination 2: Governmental Accounting, Financial Reporting and Budgeting (GAFRB)

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Question # 33

What is the entry when rent of $500 is paid?

debit cash $500, credit payables $500

debit cash $500, credit expense $500

debit expense S500, credit payables $500

debit expense $500, credit cash $500

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Question # 34

An agency offers service for a fee; bad debts have historically averaged 5% of each year's fee revenue. During the past fiscal year, $1.1 million in fee revenue was recorded and $1 million in fees was collected. What is the bad debt expense recorded for the past fiscal year?

$ 5.000

$ 50.000

$ 55.000

$100,000

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