Multiple Choice
Calhoun County makes annual transfers from the general fund to the debt service fund to pay principal and interest on long-term debt.
-In the debt service fund, what is the appropriate entry when the principal payment is made?
A) Debit Bonds payable; Credit Cash.
B) Debit Expenditures; Credit Cash.
C) Debit Other financing uses-nonreciprocal transfer-out; Credit Cash.
D) No entry is required.
Correct Answer:
Verified
Correct Answer:
Verified
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