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Q.2. The soccer city issued a 5-year, 6 percent note for OMR 5,000,000 to finance the purchase of vehicles and OMR 1,000,000 , 3-year mortgage
Q.2. The soccer city issued a 5-year, 6 percent note for OMR 5,000,000 to finance the purchase of vehicles and OMR 1,000,000 , 3-year mortgage note for building for the Public Safety Department. You are required to: a) Record the issue of the notes in the General Fund and the Governmental Activities General Journals. (2 Marks) b) Record the purchase of vehicles for OMR 5,000,000 and Building for 1,000,000 in the General Fund and Governmental Activities General Journals. (2 Marks) c) Explain why the accounting treatment is different in the General Fund and governmental activities general journals. (1 Mark)
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