As of May 30,20X9,the Debt Service Fund of Cody Had

question 13

Multiple Choice

As of May 30,20X9,the debt service fund of Cody had accumulated $52,000 of assets in a debt service fund to pay the principal of its currently maturing serial bonds.On June 1,20X9,$50,000 of serial bonds matured and were paid with the resources accumulated in the debt service fund.In Cody's debt service fund,Matured Bonds Payable was debited for $50,000 and:

• A) Cash was credited for $50,000.
• B) Due to General Fund was credited for $50,000.
• C) Investments was credited for $50,000.
• D) Reserve for Encumbrances was credited for $50,000.

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