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Prepare The General Journal Entries To Record The Following Transactions

The document describes 5 transactions that need to be recorded in the general journal entries of the Quinones County General Fund: 1) The county borrowed $1,000,000 through 6-month tax anticipation notes at 6% interest. 2) The county repaid the $1,000,000 notes plus $30,000 interest. 3) The county received a new $35,000 patrol car, paying $5,000 with a 9% short-term note for the balance. 4) The county paid $200,000 principal and $120,000 interest on a general obligation bond. 5) Interest accruals must be recorded.

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41 views1 page

Prepare The General Journal Entries To Record The Following Transactions

The document describes 5 transactions that need to be recorded in the general journal entries of the Quinones County General Fund: 1) The county borrowed $1,000,000 through 6-month tax anticipation notes at 6% interest. 2) The county repaid the $1,000,000 notes plus $30,000 interest. 3) The county received a new $35,000 patrol car, paying $5,000 with a 9% short-term note for the balance. 4) The county paid $200,000 principal and $120,000 interest on a general obligation bond. 5) Interest accruals must be recorded.

Uploaded by

trilocksp Singh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Prepare the general journal entries to record the following

transactions
Prepare the general journal entries to record the following transactions of the Quinones County
General Fund:1. Quinones County borrowed $1,000,000 by issuing six-month tax anticipation
notes bearing interest at 6%. The notes are to be repaid from property tax collections during the
fiscal year.2. The county repaid the tax anticipation notes, with $30,000 interest, at the due
date.3. The county received a new patrol car two months before the end of the fiscal year. It
cost $35,000. The county paid $5,000 upon receipt and signed a 9% short-term note payable
for the balance.4. The county services one of its general obligation serial bond issues directly
from the General Fund (a Debt Service Fund is not used). The annual principal and interest
payment, which is due two months before year end, was paid. The principal payment was
$200,000 and the interest was $120,000. (Next year’s interest payment will be $108,000.)5.
Record all appropriate interest accruals.View Solution: Prepare the general journal entries to
record the following transactions
SOLUTION-- http://solutiondone.online/downloads/prepare-the-general-journal-entries-to-record-
the-following-transactions/

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