(15 Marks) QUESTION 2 - MODULE 3 (JOURNAL ENTRY AND GENERAL LEDGER) The Town of Seaside is a small residential community. The Town has three revenue sources, and three programs approved for appropriation by the state government. The Town's fiscal year transaction for 2020 is as follows: Seaside Town General Fund Operating Budget Fiscal Year 2018 Estimated Revenues Property taxes $3,500,000 Seaport taxes 500,000 License and permits 160,000 Appropriations Administration $ 550,000 Public safety 2,800,000 Library 130,000 Operating transactions during the year consist of the following: a. Due to shortage of cash to pay for the obligation, the town council decided to approve the request for applying the loan from the local bank. The town borrowed from the bank using tax anticipating notes amounting to $800,000. 4% interest rates (15 Marks) QUESTION 2 - MODULE 3 (JOURNAL ENTRY AND GENERAL LEDGER) The Town of Seaside is a small residential community. The Town has three revenue sources, and three programs approved for appropriation by the state government. The Town's fiscal year transaction for 2020 is as follows: Seaside Town General Fund Operating Budget Fiscal Year 2018 Estimated Revenues Property taxes $3,500,000 Seaport taxes 500,000 License and permits 160,000 Appropriations Administration $ 550,000 Public safety 2,800,000 Library 130,000 Operating transactions during the year consist of the following: a. Due to shortage of cash to pay for the obligation, the town council decided to approve the request for applying the loan from the local bank. The town borrowed from the bank using tax anticipating notes amounting to $800,000. 4% interest rates