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Carver Township issued a 2-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Police Department.

Carver Township issued a 2-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Police Department.

1. Record the insurance of the $100,000 note in the General Fund and the governmental activities general journal.
2. Record the purchase of the vehicles in the amount of $100,000 in the General Fund and governmental activities journals.
3. Explain why the accounting treatment is different in the General Fund and governmental activities journals.
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Carver Township issued a 2-year, 6 percent note in the amount of $100,000 to finance the
purchase of vehicles for the Police Department.
1. Record the insurance of the $100,000 note in the General...

Sign up to view the full answer

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