8. A state government is responsible for funding a city's teacher pension retirement system. During the...

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8. A state government is responsible for funding a city's teacher pension retirement system. During the current year, the city's school district is the beneficiary of a $750,000 state payment made on the city's behalf. What journal entry(ies) should the city record in a governmental fund? a) Debit Pension Expenditure $750,000; Credit Pension Revenue $750,000 b) Debit Pension Expenditure $750,000; Credit Pension Payable $750,000 AND Debit Pension Payable $750,000; Credit Cash $750,000 c) Debit Cash $750,000; Credit Pension Revenue $750,000 AND Debit Pension Expenditure $750,000; Credit Cash $750,000 d) Debit Cash $750,000; Credit Pension Payable $750,000 AND Debit Pension Expenditure $750,000; Credit Pension Revenue $750,000 8. A state government is responsible for funding a city's teacher pension retirement system. During the current year, the city's school district is the beneficiary of a $750,000 state payment made on the city's behalf. What journal entry(ies) should the city record in a governmental fund? a) Debit Pension Expenditure $750,000; Credit Pension Revenue $750,000 b) Debit Pension Expenditure $750,000; Credit Pension Payable $750,000 AND Debit Pension Payable $750,000; Credit Cash $750,000 c) Debit Cash $750,000; Credit Pension Revenue $750,000 AND Debit Pension Expenditure $750,000; Credit Cash $750,000 d) Debit Cash $750,000; Credit Pension Payable $750,000 AND Debit Pension Expenditure $750,000; Credit Pension Revenue $750,000

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Option B is correct Pensi... View the full answer