The one-worksheet conversion adjustment to reflect debt service ...

[burton19126]

The one-worksheet conversion adjustment to reflect debt service payments of 85,000 (55,000 principal; 30,000 interest) by a governmental fund would be
   Debit Credit
 
  A. Debt Service Expense
   Net Position 85,000
  85,000
  B. Bonds Payable
   Cash 55,000
  55,000
  C. Bonds Payable
   Debt Service Expenditures  Principal 55,000
  55,000
  D. Bonds Payable
   Debt Service Expenditures  Principal 85,000
  85,000

Question 2

The statement of owner's equity should be prepared
 a. before the income statement and after the balance sheet
  b. before the income statement and balance sheet
  c. after the income statement and balance sheet
  d. after the income statement and before the balance sheet

[annierak]

Answer to Question 1

C

Answer to Question 2

d