The town of McHenry Has $10,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On july 1, 2020, a current refunding took pace in which $10,000,000 in new general obligation bonds were issued. Record the transaction on the books of the debt service fund.
The town of McHenry Has $10,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On july 1, 2020, a current refunding took pace in which $10,000,000 in new general obligation bonds were issued. Record the transaction on the books of the debt service fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The town of McHenry Has $10,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On july 1, 2020, a current refunding took pace in which $10,000,000 in new general obligation bonds were issued. Record the transaction on the books of the debt service fund.
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