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Journal entries: Debt service fund

Record the following simple transactions in the Debt Service Fund of Ledford County.
1. The county issued $50,000,000 of refunding bonds at par to provide most of the financing to refund $60,000,000 of outstanding bonds.
2. The county transferred $5,000,000 from the General Fund to the fund from which the outstanding bonds are to be defeased.
3. The county paid $55,000,000 into an irrevocable trust established in a manner that defeased in substance the $60,000,000 of previously outstanding bonds.

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Legend:
DR: Debit
CR: Credit

Transaction 1
DR: Cash 50,000,000
CR: Other financing sources - ...

Solution Summary

What are the journal entries for the debt service fund?

$2.19