The Village of Walton Borrows $500,000 for a Period Not $\begin{array}{ll}\text { Cash } & 500,000 \\\text { Other financina source-debtissued } && 500.000\end{array}$

The Village of Walton borrows $500,000 for a period not to exceed six months using a tax anticipation note. The proceeds from the borrowing are deposited in the General Fund. The note will be repaid when property taxes are collected. What journal entry, if any, should be made in the General Fund when the Village borrows the money?
a.
$\begin{array}{ll}\text { Cash } & 500,000 \\\text { Other financina source-debtissued } && 500.000\end{array}$

b.
$\begin{array}{lll}\text { Cash } & 500,000 & \\\quad \text { Revenues-property taxes } && 500,000\end{array}$

c.
$\begin{array}{lll}\text { Cash } & 500,000 & \\\text { Tax anticipation notes payable } && 500,000\end{array}$

d. Tax anticipation notes are not recorded in governmental-type funds, including the General Fund.