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?

Answer rating: 100% (QA)

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