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Loquat County uses a fiscal agent to distribute payments of interest to bondholders. Interest payments are due on July 1 of each year. The
Loquat County uses a fiscal agent to distribute payments of interest to bondholders. Interest payments are due on July 1 of each year. The fiscal agent requires the county to transfer by June 20 the cash necessary to make the July 1 payments. What entry should be made on July 1 related to the interest payment?
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ANSWER On July 1 when the interest payment is made the following entry shoul...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
