Question
Chapter 9 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,
Chapter 9 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.
a.[Para. 9a] 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 by clicking [Post Entries].
Depreciation Expense Applied to Functions:
General Government $705,000
Public Safety1,409,000
Public Works528,000
Health and Welfare351,000
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
Infrastructure639,000
Buildings502,000
Equipment 2,006,000
Total depreciation expense$3,344,000
b.[Para. 9b] Provide the journal entries to reclassify the current portion of long-term debt related to the two serial bonds payable.
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