Assume General City has the following information available: a. General City Comptroller goes to the bank...

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Assume General City has the following information available: a. General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment b. Collection of taxes and related interest for the previous year is as follows: Current taxes...... $1,500,000 Delinquent taxes... $300,000 Interest on delinquent taxes. .$10,000 Tax liens......... ..$35,000 Interest on tax liens. Instructions: record the above transaction in a general journal .$3,000 A. B Dr Cr || Assume General City has the following information available: a. General City Comptroller goes to the bank and asks for a $2,500,000 not to finance a government operation in advance of collecting the first property tax installment b. Collection of taxes and related interest for the previous year is as follows: Current taxes...... $1,500,000 Delinquent taxes... $300,000 Interest on delinquent taxes. .$10,000 Tax liens......... ..$35,000 Interest on tax liens. Instructions: record the above transaction in a general journal .$3,000 A. B Dr Cr ||

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