In fund accounting what would be the proper credit entry where the government spends $215,000 and borrows from the bank for a new telephone system? The useful life is expected to be seven years and the payoff of the loan is expected to take five years. a. Proceeds from borrowing (a fund balance account) O b. Proceeds from borrowing (a revenue account) c. Notes payable d. Proceeds from borrowing (a libility account)