Use the Following Information to Answer Questions

question 17

Multiple Choice

Use the following information to answer questions
Lewis 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 would be made on June 30 related to this transfer?

• A)Debit Interest payable; Credit Cash.
• B)Debit Interest payable; Credit Cash with fiscal agent.
• C)Debit Expenditure; Credit Cash with fiscal agent.
• D)No entry required.

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