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