Pocahontas School District, an independent public school district, financed the acquisition of a new school bus by signing a note for $90,000 plus interest on the unpaid balance at 6%. Annual principal payments of $30,000, plus interest, are due each July 1. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, the appropriate entry in the General Fund at the date of acquisition is

Debit Expenditures $90,000; Credit Notes Payable $90,000.

Debit Fixed Assets $90,000; Credit Notes Payable $90,000.

Debit Expenditures $90,000; Credit Other Financing Sources $90,000.

Debit Fixed Assets $90,000; Credit Other Financing Sources $90,000.