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What is the journal entry to record the first debt service

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Question - Term revenue bonds at 8 percent per annum, interest payable semiannually Total Bonds 3,000,000.

The City plans to sell the bonds on February 1, 2018. Because the bonds are a term issue, bond principal matures in full on February 1, 2028. Interest is payable each August 1 and February 1, beginning August 1, 2018. The bond covenant requires that assets equal to one-tenth of the bond principal be transferred to a restricted account within the GEF on December 31 of each year. Whitt observes a calendar fiscal year.

Required - What is the journal entry to record the first debt service bond payment?

Reference no: EM132636464

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