Checks were written in payment of the following items during 2018. Vouchers Payable $ 816,390 Tax Anticipation
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Question:
Checks were written in payment of the following items during 2018.
Vouchers Payable $ 816,390
Tax Anticipation Notes Payable 307,500
Expenditures (Interest on tax anticipation notes) 6,890
Due to Federal Government 876,090
Due to State Government 296,590
Total amount paid $ 2,303,460
(Note: Interest expenditures on tax anticipation notes were budgeted in the miscellaneous category. Record them as a General Government expense at the government-wide (GW) level.)
Required: Record the payment of these items in both the General Fund (GF) and governmental activities general journals.
Expert Answer:
Solution Journal Entry Particuler Debit Credit Voucher payable Tax Anticipation Note Payable Exp... View the full answer
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