Prepare the general journal entries to record the following transactions of the Quinones County General Fund:

Prepare the general journal entries to record the following transactions of the Quinones County General Fund:1. Quinones County borrowed $1,000,000 by issuing 6-month tax anticipation notes bearing interest at 6%. Thenotes are to be repaid from property tax collections during the fiscal year.2. The county repaid the tax anticipation notes, along with $30,000 interest, at the due date.3. The county ordered a new patrol car for the Sheriff’s Department. The purchase order was for $35,000.4. The county received the new patrol car two months before the end of the fiscal year. Its actual cost was$35,000.The county paid $5,000 upon receipt and signed a 9% short-term note payable for the balance.5. The county services one of its general obligation serial bond issues directly from the General Fund, that is, aDebt Service Fund is not used. The annual principal and interest payment, which is due two months beforeyear end, was paid. The principal payment was $200,000 and the interest was $120,000. (Next year’s interestpayment will be $108,000.)6. Record all appropriate interest accruals

Serial No. General JournalParticulars1 CashNotes Payable Amount $Amount $1,000,0001,000,000 2 Notes PayableInterestCash3 No Entry 1,000,00030,0001,030,000NilNil 4 Patrol CarCashNotes…

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