On1/2/2021, the County of Santa Teresa issued a 20-year-life serial bond with a principal of $8,000,000 and 5% annual interest Interests are paid on January 1 and July 1 with $400,000 in bonds being retired on each interest payment date. The debt service fund levies property taxes in the amount to cover interest and principal payments
Prepare entries for the Debt Service Fund for the following transactions. 1. Prepare the entries to record the budget for the debt service fund for Year 2021
2. Prepare the entry to levy the property taxes 3. Prepare the entry to pay the interest and principal on 7/1/2021
