2. the following are transactions for the city of Clinton a. Borrowed $100,000 by issuing...
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Accounting
2. the following are transactions for the city of Clinton
a. Borrowed $100,000 by issuing a one year, 5% note, three months before year end
b Accrued interest at year end, but did not pay the interest at year end
c. Charges for services rendered of $2,500 were billed and collected immediately
d. Icurred salary costs of $5,000, unpaid
Required:
Analyze the above transactions by using the accounting equation for a governmental fund
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