The City of Hiawatha Issued $10 Million of Term Bonds

question 51

Multiple Choice

The City of Hiawatha issued $10 million of term bonds as of April 1, 2008.The bonds bear interest at 6%, due and payable each October 1 and April 1.Assuming the City maintains its books and records in a manner that facilitates the preparation of its fund financial statements the appropriate entity to record interest on the debt at June 30, 2011 the City's fiscal year-end is

• A)Debit Expenditures $300,000; Credit Interest payable $300,000.
• B)Debit Expenditures $300,000; Credit Other financing uses $300,000.
• C)Debit Expenditures $300,000; Credit Due to bondholders $300,000.
• D)No entry required.

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Definitions:

Personal Achievements

Accomplishments or successes achieved by an individual through effort, skill, or courage.

Social Obligations

Social obligations are the duties or responsibilities that an individual holds towards society, often dictated by cultural, familial, or societal norms.

Physically Aggressive

describes behaviors that entail the use of physical force intended to harm or injure another being.

Aggressive Behavior

Actions that aim to harm or intimidate others, often showing a readiness to confront or attack.