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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Part C (2) Chapter 6-Journal Entries for Debt Service Fund
Transactions
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.
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