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Need assistance with correct journal entries, even reading the book I am confused. As of December 31, 2022, Eastport had $9,500,000 in 4.5 percent serlal
Need assistance with correct journal entries, even reading the book I am confused.
As of December 31, 2022, Eastport had $9,500,000 in 4.5 percent serlal bonds outstanding. The serlal bonds pay Interest semlannually on July 1 and December 31 , with $500,000 in bonds beling retired on each Interest payment date. Resources for payment of princlpal and Interest are transferred from the General Fund. Prepare debt service fund and government-wide entrles In general Journal form to reflect, as necessary, the following Information and transactions for FY 2023. (1) The operating budget for FY 2023 consists of other financing sources (transfers from the General Fund) equal to estimated princlpal and Interest payments. Approprlations also must be provlded for Interest payments and bond redemptions on July 1 and December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (2) Cash was recelved from the General Fund and checks were written and malled for the July 1 princlpal and Interest payments
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