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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
A city keeps its books on a calendar year basis. On April 1, 2013, the city sold $500,000 of 6% general obligation bonds, payable in semi-annual installments. The first installment, due October 31, 2013 covered interest of $15,000 and principal of $25,000. For the year ended December 31, 2013, how much should the Debt Service Fund report as expenditures?
      a.   $15,000
      b.   $40,000
      c.   $15,000, plus an accrual for three months' interest
      d.   $40,000, plus an accrual for three months' interest and principal
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Diesel
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Answer accepted by topic starter
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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