The general fund of the Village of Beantown borrowed $100,000 on July 15, 2019, from the...

The general fund of the Village of Beantown borrowed $100,000 on July 15, 2019, from the local bank in order to pay for government services provided to its citizens before the first collection of its property tax levy. After collecting the first property tax installment, Beantown paid the local bank $102,000 on September 12, 2019.

Required:

Make the village’s general fund journal entry to record the payment to the bank on September 12

Expert Solution

In the books of General Fund of Village of Beantown
Journal Enteries

			Amount in $
Date	Particulars	Debit	Credit
12-Sep-19	Local Bank a/c Dr	1,00,000.00
	Interest a/c Dr	2,000.00
	To Bank		1,02,000.00

ekkarill92 answered 2 years ago

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