The city repaid the $40,000 tax anticipation note plus interest of $300 ($40,000 X 0.03 X 90/360)
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Question:
The city repaid the $40,000 tax anticipation note plus interest of $300 ($40,000 X 0.03 X 90/360) (see transaction 2).
Required:
Record this transaction in both the Street Improvement Fund and governmental activities general journals. The $300 of interest should be debited to Interest Expenditures in the Street Improvement Fund journal and to Expenses—General Government in the governmental activities journal.
Expert Answer:
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