The Following Are Transactions for the City of Franklin

question 10

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 proprietary fund.

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Definitions:

Southern States

Refers to the group of states located in the southeastern and south-central regions of the United States, historically associated with the Confederacy during the Civil War.

Civil Liberties

Fundamental rights and freedoms protected by law from governmental interference or restriction, including freedom of speech, assembly, religion, and the right to privacy.

Disloyal Activities

Actions or behaviors that are considered unfaithful or treasonous to one's country or organization.

Ex Parte Milligan

A landmark U.S. Supreme Court case in 1866 that ruled it unconstitutional to subject civilians to military trial in areas where civilian courts were still operating.