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The Helm County borrowed $2,000,000 from a local bank by issuing 5% tax anticipation notes. The County repaid the tax anticipation notes six months later.

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The Helm County borrowed $2,000,000 from a local bank by issuing 5% tax anticipation notes. The County repaid the tax anticipation notes six months later. The repayment would include the following (ignoring the Cash credit): In GF, DR: Tax Anticipation Note Payable $2,000,000 and a DR: Interest Expenditure $50,000. In GF, DR: Tax Anticipation Note Expenditure $2,000,000 and a DR:Interest Expenditure $50,000. In GF, DR: Tax Anticipation Note Payable $2,000,000 and no entry for Interest. In GF, DR: Tax Anticipation Note Expenditure $2,000,000 and a DR: Interest Expenditure $100,000

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