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Provo, Utah maintains a debt service fund for the payment of principal and interest on its long-term debt. Principal payments

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Provo, Utah maintains a debt service fund for the payment of principal and interest on its long-term debt. Principal payments are covered by levying property taxes and interest payments are covered through transfers from the General Fund. The first installment of principal ($500,000) and interest ($54,000) is due on 1/1/2018. 


What would be the entry to record the transfer from the General Fund?

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Answer rating: 100% (QA)

To record the transfer from the General Fund to the Debt Service F View the full answer


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Related Book For  answer-question
Introduction to Governmental and Not for Profit Accounting

Introduction to Governmental and Not for Profit Accounting

ISBN: 978-0132776011

7th edition

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

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Posted Date: September 24, 2023 02:04:34
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