The Following Are Transactions for the City of Franklin

question 50

Essay

The following are transactions for the city of Franklin.
a.Borrowed $20,000 by issuing a two-year note.
b.Purchased equipment for $6,000 cash.
c.Licenses for $700 were billed on account.
d.Accrued employee salary costs of $7,000.
e.Depreciation expense on equipment for year,$1,000.
Required:
Analyze the above transactions by using the accounting equation for a governmental fund.

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