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Prepare the general journal entries to record the following transactions of the Quinones County General Fund:

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 6-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, along with $30,000 interest, at the due date.
3. The county ordered a new patrol car for the Sheriff's Department. The purchase order was for $35,000.
4. The county received the new patrol car two months before the end of the fiscal year. Its actual cost was
$35,000.The county paid $5,000 upon receipt and signed a 9% short-term note payable for the balance.
5. The county services one of its general obligation serial bond issues directly from the General Fund, that is, 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.)
6. Record all appropriate interest accruals

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Dear Student, Please find... View the full answer

Accounting-7647126.xls

Serial No. General Journal
Particulars
1 Cash
Notes Payable Amount $
Amount $
1,000,000
1,000,000 2 Notes Payable
Interest
Cash
3 No Entry 1,000,000
30,000
1,030,000
Nil
Nil 4 Patrol Car
Cash
Notes...

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