Interest expense adjustments for government-wide financial statements Thomas County pays all the debt service on its long-term general obligation bonds on April 1 and October 1 of each year. Accrued interest on these bonds for the stub period October 1-December 31, 2018, was $75,000. During its fiscal year ended December 31, 2019, Thomas paid $350,000 interest on its long-term general obligation bonds. Accrued interest for the stub period October 1-December 31, 2019, was $88,000. Prepare journal entries needed to adjust Thomas County's 2019 fund financial statements so government-wide statements can be prepared. Description Debit Credit Net position 88,000 x Accrued interest payable 0 88,000 x To record beginning-of-year interest liability. Accrued interest payable Interest expense 13,000 To record increase in accrued interest. 13,000 0 X X X X 0