Government A had 7,000,000 of 5, six month bond anticipation ...

[fbq8i]

Government A had 7,000,000 of 5, six month bond anticipation notes outstanding at the end of the fiscal year.
 
  As of this date, the government has completed all legal procedures and the notes will be re-financed to a term of ten years the following month. The BAN liability reported in the Capital Projects Fund as of the end of the fiscal year should be
  a. 0
  b. 350,000
  c. 3,500,000
  d. 7,000,000

Question 2

What does the 2 in 2/10, n/30 mean?
 a. The credit period
   b. Discount taken if paid within 10 days
   c. Discount taken if paid within 30 days
   d. The due date

[vboyd24]

Answer to Question 1

A

Answer to Question 2

b

[fbq8i]

Thanks for the timely response, appreciate it

[bulacsom]

Great answer, keep it coming