Reference no: EM132610744
Adjusting and Closing Entries for Governmental Activities, Government-Wide Level; Preparation of Government-Wide and Major Fund Financial Statements
Before the 2020 basic financial statements, both government-wide and fund, can be prepared for the City of Bingham, you must first record and post adjusting and closing entries for governmental activities as described below.
Question a. Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level using the following information. Verify accuracy of the adjusting entries and post to the general ledger.
Depreciation Expense Applied to Functions:
General Government $ 705,000
Public Safety 1,409,000
Public Works 528,000
Health and Welfare 351,000
Culture and Recreation 351,000
Total depreciation expense $3,344,000
Depreciation Applicable to Asset Categories (Increases in accumulated depreciation):
Improvements Other Than
Buildings $ 197,000
Infrastructure 639,000
Buildings 502,000
Equipment 2,006,000
Total depreciation expense $3,344,000
Question b. Provide the journal entries to reclassify the current portion of long-term debt related to the two serial bonds payable.
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