Question
Bell City uses a debt service fund to make payments on its general obligation bonds. During the fiscal year ended June 30, 2021, the debt
Bell City uses a debt service fund to make payments on its general obligation bonds. During the fiscal year ended June 30, 2021, the debt service fund pays $85,000 of principal on the bonds and $15,000 of interest on the bonds. What is the income statement effect (i.e., change in fund balance) as a result of the transaction?
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The Audit Process Principles Practice And Cases
Authors: Iain Gray, Louise Crawford, Stuart Manson
7th Edition
1473760186, 9781473760189
