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The City of Amarillo is authorized to Issue $ 9 , 0 0 0 , 0 0 0 , 3 percent regular serial bonds in

The City of Amarillo is authorized to Issue $9,000,000,3 percent regular serial bonds in 2023 for the construction of a new exit off the
Interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1,2024, for 10 years and pay
Interest on January 1 and July 1. The city is required to use all accrued Interest and premlums to service the debt. The funds to pay the
Interest will be transferred from the General Fund. The county's fiscal year-end is December 31.Need help with Record the budget transaction. f. prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January 1,2024, principal and interest payments will be included in the 2023 budget. Prepare the entry to transfer of funds from the General Fund to the debt service fund

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