Question
[Para. 5-a-8] The city repaid the $40,000 tax anticipation note plus interest of $300 ($40,000 X 0.03 X 90/360) (see transaction 2). Required: Record this
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[Para. 5-a-8] The city repaid the $40,000 tax anticipation note plus interest of $300 ($40,000 X 0.03 X 90/360) (see transaction 2).
Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals. The $300 of interest should be debited to Interest Expenditures in the Street Improvement Fund journal and to ExpensesGeneral Government in the governmental activities journal.
[Para. 5-a-8] The city repaid the $40,000 tax anticipation note plus interest of $300 ($40,000 X 0.03 X 90/360) (see transaction 2).
Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals. The $300 of interest should be debited to Interest Expenditures in the Street Improvement Fund journal and to ExpensesGeneral Government in the governmental activities journal.
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Financial Accounting A Critical Approach
Authors: John Friedlan
4th edition
1259066525, 978-1259066528
