Which of the following would be true as of January 1, 2009?
A) An entry would be made debiting Expenditures and crediting Other Financing Sources-Capital Leases in a governmental fund, both in the amount of $21,062
B) An entry would be made debiting Equipment and crediting Capital Leases Payable in a governmental fund, both in the amount of $21,062
C) An entry would be made debiting Equipment and crediting Capital Leases Payable in a governmental fund, both in the amount of $25,000
D) An entry would be made debiting Expenditures and crediting Other Financing Sources-Capital Leases in a governmental fund, both in the amount of $25,000
Correct Answer:
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