5) The following are transactions for the city of Springfield.
a.Borrowed $20,000 by issuing a three-month, 5% note.
b.Paid $4,000 for equipment.
c.Services for $1,000 were billed and collected.
d.Year-end accrual of 3 months interest on note in (a).
Analyze the above transactions by using the accounting equation for a proprietary fund.