Business, 04.04.2020 14:26 elpeke102p73fz3

On July 1, the first day of its fiscal year, the Town of Eldon levied a $1,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the town decided to borrow $200,000 in 90-day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will include:

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On July 1, the first day of its fiscal year, the Town of Eldon levied a $1,000,000 property tax whic...

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