In September 2015, the City transferred $1 million from the general fund to cover the $.6...
In September 2015, the City transferred $1 million from the general fund to cover the $.6 million principal and $.4 million interest payments due that month on debt issued in previous years.
In september 2015, the city paid the principal and interest due from that month on debt issued in previous years.
Homework Answers
Answer :
General fund will be debited by $ 1 million ( Reduced the general fund - Cash outflow)
Long term debt will be reduced by $ .6 million (Repayment of the debt)
Interest expense from income statement will be reduced by $ .4 million (Repayment of debt)
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