Multiple Choice
Use the following information to answer questions
Calhoun County makes annual transfers from the general fund to the debt service fund to pay principal and interest on long-term debt.
-When the County makes the transfer the entry in the debt service fund should be
A) Debit Cash; Credit Revenue.
B) Debit Cash; Credit Other financing sources-transfer.
C) Debit Cash; Credit Interest payable.
D) Debit Cash with fiscal agent; Credit Other financing sources-transfer.
Correct Answer:
Verified
Correct Answer:
Verified
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