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goji.go goji.go
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9 years ago
A state issues long-term debt to finance a major construction project. The first installment of debt service requires payment of principal of $75,000 and interest of $100,000. Which of the following statements is true on the day that payment for principal and interest is legally due?
      a.   expenditures of $175,000 should be recognized in the debt service fund.
      b.   expenditures of $75,000 should be recognized in the capital projects fund and expenditures of $100,000 should be recognized in the debt service fund.
      c.   expenditures of $100,000 should be recognized in the debt service fund and bonds payable should be reduced by $75,000 in the debt service fund.
      d.   expenditures of $175,000 should be recognized in the debt service fund and bonds payable should be reduced by $75,000 in the capital projects fund.
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Diesel
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f_zah1f_zah1
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9 years ago
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goji.go Author
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#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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