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A general obligation bond issue accounted for through a Debt Service Fund requires principal payments of $ 500,000 on April 1 st of each year.

A general obligation bond issue accounted for through a Debt Service Fund requires principal payments of $ 500,000 on April 1st of each year. How would the April 1st payment be reported?

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  • An expenditure is recorded in the Debt Service Fund.
  • An Other Financing Use is recorded in the Debt Service Fund.
  • A debit to the bond payable liability in the Debt Service Fund.
  • None of the choices are correct.

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