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2 General Long-term Liability and Capital Asset Transactions. The Village of Nassau issued a 3-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Public Works Department. Required 1. Record the issuance of the $100,000 note in the General Fund and the governmental activities general journals. 2. Record the purchase of vehicles in the amount of $100,000 in the General Fund and governmental activities general journals. 3. Explain why the accounting treatment is different in the General Fund and governmental activities general journals.
What could be your response to the CEO
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