What account should be debited in the debt service fund to recognize an installment payment currently due on general obligation serial bonds?
I.Matured Bonds Payable.
II.Expenditures-Principal.

Question

Quizplus · Accepted Answer

In a debt service fund, the correct account to debit when recognizing an installment payment currently due on general obligation serial bonds is "Expenditures-Principal." This reflects the reduction in the principal amount of the debt obligation. "Matured Bonds Payable" is not a typical account used in this context within the fund accounting for governmental entities.

What Account Should Be Debited in the Debt Service Fund