Government A secured a 400,000 short-term loan from a local bank ...

[mcmcdaniel]

Government A secured a 400,000 short-term loan from a local bank for interim financing for a governmental capital project. What would the journal entry be in the Capital Projects Fund to account for this transaction?
 
   Debit Credit
 
  A. Cash
   Other Financing Sources 400,000
  400,000
  B. Cash
   Notes Payable 400,000
  400,000
  C. Construction in Progress
   Other Financing Sources 400,000
  400,000
  D. Cash
   Revenues 400,000
  400,000

Question 2

Journalizing is the process of entering amounts in the ledger.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[owenfalvey]

Answer to Question 1

B

Answer to Question 2

False