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Question

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).

Required:

Analyze the above transactions by using the accounting equation for a proprietary fund.

Solution
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