Suppose the City of St. George, Utah, decides to assist residents by installing sidewalks in their neighborhood.
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Question:
1. Serial bonds are issued, totaling $2,000,000.
2. Assessments of $280,000 are levied on area residents to cover the first year's principal and interest payments.
3. Assessments are collected and the first year's bond principal and interest are paid.
Required
Record the above events in a custodial fund.
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-0078110931
16th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
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