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A basic government financed the purchase of a fire truck for $100,000. 1. Prepare the journal entries for the governmental activities general journal (full accrual):
A basic government financed the purchase of a fire truck for $100,000.
1. Prepare the journal entries for the governmental activities general journal (full accrual):
a. Issuance of $100,000 note. b. Purchase of fire truck.
2. Prepare the journal entry for the General Fund (modified accrual):
a. Issuance of $100,000 note. b. Purchase of fire truck.
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