The Town of McHenry has $17,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2020, a current refunding took place in which $17,000,000in new general obligation bonds were issued. Record the transaction on the books of the debt service fund.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction List:

• Record the issue of bonds.
• Record the refunding of bonds.

Answer rating: 100% (QA)

Transaction 1 Record the issue of bonds Debit Cash or Bonds Pay... View the full answer