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The Village of Walton borrows $500,000 for a period not to exceed six months using a tax anticipation note. The proceeds from the borrowing are
The Village of Walton borrows $500,000 for a period not to exceed six months using a tax anticipation note. The proceeds from the borrowing are deposited in the General Fund. The note will be repaid when property taxes are collected. What journal entry, if any, should be made in the General Fund when the Village borrows the money? Select one: O A. Cash Other financing source-debt issued 500,000 500,000 B. 500,000 Cash Revenues-property taxes 500,000 C. Cash Tax anticipation notes payable 500,000 500,000 D. Tax anticipation notes are not recorded in governmental-type funds, including the General Fund
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