At the start of 2022, Croton's Debt Service Fund had no assets or liabilities. Prepare journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. 1. The General Fund transferred $1,200 cash to the Debt Service Fund. 2. The first installment of principal and interest on the bonds sold in Part C (1) Item 1 came due for payment. 3. The principal and interest due for payment were paid. 4. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest pay- ments on those bonds were $600 and $470, respectively.
At the start of 2022, Croton's Debt Service Fund had no assets or liabilities. Prepare journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. 1. The General Fund transferred $1,200 cash to the Debt Service Fund. 2. The first installment of principal and interest on the bonds sold in Part C (1) Item 1 came due for payment. 3. The principal and interest due for payment were paid. 4. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest pay- ments on those bonds were $600 and $470, respectively.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter22: Corporations: Bonds
Section: Chapter Questions
Problem 13SPA: BONDS ISSUED AT FACE VALUE WITH SINKING FUND Martin Manufacturing issued the following bonds:...
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