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General tax revenues RO 250,000, were paid to the fund to be used to pay principal and interest on the developmental bonds. Which one of the following journal entries records the transfer of fund transaction in the debt service fund?     a.Bank Account Dr. 250,000,   Transfer from general fund Account Cr. 250,000 b. Loan Account Dr. 250,000,    Bank Account Cr. 250,000 c. Bank Account Dr. 250,000,    Transfer from debt service fund Account Cr. 250,000 d. None of the options Clear my choice

General tax revenues RO 250,000, were paid to the fund to be used to pay principal and interest on the developmental bonds. Which one of the following journal entries records the transfer of fund transaction in the debt service fund?     a.Bank Account Dr. 250,000,   Transfer from general fund Account Cr. 250,000 b. Loan Account Dr. 250,000,    Bank Account Cr. 250,000 c. Bank Account Dr. 250,000,    Transfer from debt service fund Account Cr. 250,000 d. None of the options Clear my choice

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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General tax revenues RO 250,000, were paid to the fund to be used to pay principal and interest on the developmental bonds. Which one of the following journal entries records the transfer of fund transaction in the debt service fund?

 

 

a.Bank Account Dr. 250,000,   Transfer from general fund Account Cr. 250,000
b.
Loan Account Dr. 250,000,    Bank Account Cr. 250,000
c.
Bank Account Dr. 250,000,    Transfer from debt service fund Account Cr. 250,000
d.
None of the options
Clear my choice
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