On the Due Date for a Bond Interest and Principal

question 23

Multiple Choice

On the due date for a bond interest and principal payment, the debt service fund journal entry (or entries) will include: 

• A) A debit to Bonds Payable.
• B) A debit to Interfund Transfers Out.
• C) A debit to Expenditures-Bond Interest.
• D) A debit to Interest Expense.

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Definitions:

Violated

Violated refers to the act of breaking or failing to comply with a rule, law, agreement, or expectation.

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Mores

are the accepted traditional customs, moral attitudes, or manners of a particular social group, which guide behaviors and can distinguish right from wrong.

Taboos

Culturally forbidden practices or norms that are considered unacceptable or prohibited in society.