The City of Amarillo is authorized to issue $ 5,700,000, 5 percent regular serial bonds in 2017 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1, 2018 for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county’s fiscal year end is December 31.
a. Prepare the budgetary entries for 2017 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1, 2018 principal and interest payments will be included in the 2018 budget. (If no entry is required, please note) Do not round intermediate calculations.
Record the budget transaction.
General Journal Debit Credit
Debt Service Fund
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