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Fleck County issued 5,500,000, 3 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 101. The county is required to use all accrued interest and premiums to service the debt. Any additional resources needed to service the debt are to come from the General Fund. Fiscal year-end is Dec 31.

Prepare in general journal form the budgetarty entry the debt service fund would make to account for this serial bond issue. what adjustmens,if any, would need to be made to the General Fund budget account for this serial bond issue?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991360

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