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the City of Amarillo is authorized to issue $9000000,3% regular serial bonds in 2023 for...

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Accounting

the City of Amarillo is authorized to issue $9000000,3% regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in equal annual amounts beginning on January 1,2024, for 10 years and pay interest on January 1 and July 1. The city is required to use all accrued interest and premiums to service the debt. The funds to pay the interest will be transferred from the General Fund. The county's year-end is December 31. f. Prepare the budgetary entries for 2023 assuming that the bonds were scheduled to be issued on January 2. Assume that the January1,2024, principal and interest payments will be included in the 2023 budget. Prepare the entity required to reflect the transfer of funds from the General Fund to the debt service fund. Record budget transaction: Debt Service Fund Debit-Estimated Other Financing Sources-Transfer In $1170000 Credit Appropriations $1,170,000. What is Record the Transfer of funds: Debit Cash $? Credit Other financing sources-Interfund transfer-in $?

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