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Homework answers / question archive / In 2015, the Town of Alfred issued $ 2,000,000 of 8% tax supported bonds

In 2015, the Town of Alfred issued $ 2,000,000 of 8% tax supported bonds

Accounting

In 2015, the Town of Alfred issued $ 2,000,000 of 8% tax supported bonds.  The bonds are dated January 1, 2015 with interest payment dates of June 30 and December 31.  The first of 10 annual principal payments is due on December 31, 2015.  The bonds were sold at a $16,000 discount.   Cash sufficient to fully fund interest and principal payments for the year is transferred from the General Fund on June 1st.

                        Required:  Record any and all entries to be made by the Debt Service Fund for the bond issued for the year 2015 (including closing entries)

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