The Following Are Transactions for the City of Springfield

question 21

Essay

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.

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Definitions:

Future Responsibility

Obligations or tasks that an individual or organization is expected to undertake or carry out in the future.

Training Orientation

An introductory session or program to familiarize new hires with the organizational culture, expectations, policies, and procedures.

Training Evaluation Criteria

The standards or benchmarks used to assess the effectiveness and impact of a training program.

Reactions

The responses or behaviors that individuals exhibit as a result of external stimuli or events.