A city keeps its books on a calendar-year basis. On April 1, 2019, the city sold $500,000 of 2% general obligation bonds, payable in semi-annual installments. The first installment, due October 31, 2019 covered interest of $5,000 and principal of $10,000. For the year ended December 31, 2019, how much should the Debt Service Fund report as expenditures? $15,000 $5,000 $15,000, plus an accrual for three months' interest $5,000, plus an accrual for three months' interest and principal

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Q: 6. Franklin County issued $4,300,000, 3 percent serial bonds, paying interest on January 1 and July…

A: Franklin County issued 3% serial bonds = $4300000 Number of bonds issued = $4300000/100…

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Q: On March 2, 2018, Beloit City issued 10-year general obligation bonds at face amount, with interest…

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A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

Q: The pre-closing trial balance for the general fund of Lancaster Company at December 31, 2019 is…

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A:

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A: calculation of above requirement are as follows

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Q: Assume that a city issues a $1,200,000 bond at par. The city, subsequently, pays $72,000 in interest…

A: Solution:   journal entries to record the issuance of the bond and the subsequent payments:

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A: The correct answer is 3. i.e. $10,000 debt issuance cost is recorded as an expense.

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