The City of Burlington borrowed $350,000 via a tax anticipation note. If the city repaid the note three months later, the General Fund entry to record the repayment and interest of $2,750 will include
A. A debit to Tax Anticipation Notes Payable for $350,000 and a debit to Expenditures for $2,750.
B. A debit to Expenditures for $352,750.
C. A debit to Tax Anticipation Notes Payable for $350,000.
D. A debit to Expenditures for $2,750.
Answer: A
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