7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be: A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations. C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations. D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.
7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be: A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations. C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations. D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7.) Linden County operates a solid waste landfill that is accounted for in an enterprise fund. The county calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be:
A.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000
B.) Debit landfill expense $300,000; Credit liability for landfill costs $300,000 AND include an addition of $300,000 on the schedule of changes in long-term obligations.
C.) Show only an addition of $300,000 on the schedule of changes in long-term obligations.
D.) No entry in the fund; No addition on the schedule of changes in long-term obligations.
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