Business, 06.07.2021 18:10 Kaycieb

At the start of 2019, Frisco’s Debt Service Fund had no assets or liabilities. Prepare the journal entries to record the following transaction in the DSF and where appropriate, in the General Fund. Post the entries to the T-accts. It also sold $2,000,000 of 20-year general obligation bonds. The bonds, sold April 1, 2019, were to be redeemed in equal semiannual installments of principal, with interest on the unpaid balance at the rat of 5 percent per annum, starting October 2, 2019
1. The general Fund transferred $1,200,000 cash to the DSF.
2. The first installment of principal and interest on bonds sold above came due for payment.
3. The principal and interest due for payment were paid.
4. Debt service on bonds sold by Frisco in previous years came due and was paid. Principal and interest payments on those bonds for $600,000 and $470,000, respectively.

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At the start of 2019, Frisco’s Debt Service Fund had no assets or liabilities. Prepare the journal e...

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