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On April 1, 2021. 20-year. 4 percent, general obligation serial bonds were issued by Meadow County at the face amount of $1,000,000. Interest of 4
On April 1, 2021. 20-year. 4 percent, general obligation serial bonds were issued by Meadow County at the face amount of $1,000,000. Interest of 4 percent per year is due semiannually on April 1 and October 1. The first principal payment of $50,000 is due on April 1, 2022. The county's fiscal year-end is December 31. To record interest and principal payment on April 1, 2022. Meadow should: Credit cash of $20,000 in debt service fund and governmental activities general journal Credit interest expenditure of $40.000 in the debt service fund Debit interest expenditure of $20,000 an principal expenditure of $50,000 in the debt service fund Debit bonds payable of $50.000 in the debt service fund
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