1.Assume that the general fund of the city of Troy gives $200,000 to the Citys debt service...
Fantastic news! We've Found the answer you've been seeking!
Question:
1.Assume that the general fund of the city of Troy gives $200,000 to the City’s debt service fund, to let the debt service fund pay for a principal payment on a long-term bond. There is no expectation that the money will ever be paid back to the general fund. The journal entry for the general fund would include a credit to cash, and a debit to
a | Receivable from debt service fund | |
b | Principal payment expense | |
c | Principal payment expenditure | |
d | Other uses of funds – transfer to debt service fund |
Related Book For
Posted Date: