Question: On June 1 20W3 a government issued 300 000 par value
On June 1, 20W3, a government issued $300,000 par value of 20-year term general obligation sinking fund bonds. Only $50,000 had been accumulated in the Debt Service (Sinking) Fund by the maturity date of May 30, 20Y4, the end of the unit’s fiscal year. Also, it was not possible to retire the bonds using resources of other funds during that year. Should the matured bonds be reported in the General Fund or in the Debt Service Fund, or should they continue to be accounted for in the General Long-Term Liabilities accounts? Why?
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