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During the fiscal year, Dolphin City received $3,000,000 from a local financial institution to get them by until they begin collecting property taxes. The note
During the fiscal year, Dolphin City received $3,000,000 from a local financial institution to get them by until they begin collecting property taxes. The note must be paid back in 90 days. Record the appropriate entry in the General Fund for this note on the date they received the money from the financial institution. After this entry, record the appropriate entry to show the full amount of the note being paid back along with interest, assuming annual interest rate on the note was 6%.
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