Question: On April 1 , 2 0 2 3 , 2 0 - year, 4 percent, general obligation serial bonds were issued by Meadow County at

On April 1,2023,20-year, 4 percent, general obligation serial bonds were issued by Meadow County at the face amount of $1,000,000. Interest of 4 percent per year is due semiannually on April 1 and October 1.The first principal payment of $50,000 is due on April 1,2024. The county's fiscal year- end is December 31. To record interest and principal payment on April 1,2024, Meadow should: Credit interest expenditure of $40,000 in the debt service fund Debit interest expenditure of $20,000 and principal expenditure of $50,000 in the debt service fund Credit cash of $20,000 in debt service fund and governmental activities general journal Debit bonds payable of $50,000 in the debt service fund

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