Home / Questions / The following are transactions for the city of Springfield. a.Borrowed $20,000 by issuing

The following are transactions for the city of Springfield. a.Borrowed $20,000 by issuing

The following are transactions for the city of Springfield.

 

a.Borrowed $20,000 by issuing a three-month, 5% note.

b.Paid $4,000 for equipment.

c.Services for $1,000 were billed and collected.

d.Year-end accrual of 3 months interest on note in (a).

 

Required:

Analyze the above transactions by using the accounting equation for a proprietary fund.

6) The following are transactions for the city of Franklin.

 

a.Borrowed $20,000 by issuing a two-year note.

b.Purchased equipment for $6,000 cash.

c.Licenses for $700 were billed on account.

d.Accrued employee salary costs of $7,000.

e.Depreciation expense on equipment for year, $1,000.

 

Required:

Analyze the above transactions by using the accounting equation for a governmental fund.

Dec 07 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form