On July 1,the First Day of Its Fiscal Year,the Town

question 33

Multiple Choice

On July 1,the first day of its fiscal year,the Town of Eldon levied a $1,000,000 property tax which is payable in full on December 1 of the same year.On September 15,the town decided to borrow $200,000 in 90-day tax anticipation notes to cover operating expenditures until the tax revenues are collected.The journal entry on September 15 to record the issuance of tax anticipation notes will include:

• A) A credit to Other Financing Sources-Proceeds of Tax Anticipation Notes.
• B) A credit to Tax Anticipation Revenue.
• C) A credit to Tax Anticipation Notes Payable.
• D) A credit to Deferred Outflow of Resources-Tax Anticipation Notes.

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Definitions:

Defibrillator

A defibrillator is a medical device used to deliver a dose of electric current (shock) to the heart in order to correct irregular heart rhythms and potentially prevent cardiac arrest.

Irregular Heart Rhythm

An abnormality in the frequency or pattern of the heartbeat, which can include conditions such as arrhythmias.

Regular Sinus Rhythm

The normal heart rhythm, originating from the sinoatrial node, characterized by a consistent rate and rhythm.

Sinus Bradycardia

A condition where the heart rate is slower than normal due to a slower-than-normal rate of impulses in the sinoatrial node.