(Answered) Question - carver township issued a 2-year 6 percent note

Accounting

Question - Carver Township issued a 2-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Police Department.

1. Record the insurance of the $100,000 note in the General Fund and the governmental activities general journal.

2. Record the purchase of the vehicles in the amount of $100,000 in the General Fund and governmental activities journals.

3. Explain why the accounting treatment is different in the General Fund and governmental activities journals.

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