Record the journal entries for the following transactions in a governmental fund. Issued $5,000,000 tax anticipation note. Issued $10,000,000 general…

Record the journal entries for the following transactions in a governmental fund.

a. Issued $5,000,000 tax anticipation note.

b. Issued $10,000,000 general obligation bond.

c. Transferred $1,500,000 to fiscal agent for payment of $1,000,000 in bond principal and $500,000 in interest payments.

d. Fiscal agent pays bond holders.

SOLUTION:Journal EntriesParticularsa) b) c) d) Debit Cash A/cTax Anticipation Notes Payable A/c $ Cash A/cContribution from Bonds A/c $ 10,000,000.00 Cash with Fiscal Agent A/cCash A/c $…

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