Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-Wide Level; Preparation of Government-Wide and Major Fund Financial… 1

Chapter 9 Adjusting and Closing Entries for Governmental Activities. I need help with part B only.

Chapter 9 Adjusting and Closing Entries for Governmental Activities,Government-Wide Level; Preparation of Government-Wide andMajor Fund Financial Statements a. Prior to preparing financial statements at the end of FY 2020, it is necessary to recorddepreciation expense for the year for governmental activities at the government-wide level. Based on general capital assets assigned to specific functions, depreciation expense related toequipment and infrastructure is allocated to functions as shown below: Equipment Infrastructure Buildings General Government $ 54,920 $45,336Public Safety 187, 840 66,115Public Works 125,596 $ 98,620 49,114Culture and Recreation 72,244 28,335Totals $440,600 i? 98,620 $188,900 Required: [Para. 9—a] Record depreciation expense for the year 2020 in the governmentalactivities general journal at the government-wide level. Verify accuracy of the adjustingentries and post to the general ledger by clicking [Post entries]. b. Closing Entries. Although closing entries were made in each fund in Chapters 4 through 6 ofthis cumulative problem, they have not yet been recorded at the government-wide level. Required: Record the journal entries required on December 31, 2020 to close all temporaryaccounts for governmental activities at the government-wide level. These entries should alsorecognize changes in the accounts Net Position—Net Investment in Capital Assets, NetPosition—Restricted for Public Safety (see General Fund), and Net Position—Restricted forCapital Projects (see Capital Projects Fund to calculate net position). (Note: Due to the needto deduct accrued interest on long—term debt in calculating the December 31, 2020balance of Net Position—Restricted for Debt Service you will end up with no restrictionon net position for debt service.) For each account to be closed or reclassified, be sure andclick on the check mark for [Closing Entry] and that “Closing Entries” appears in the [Addcredit] field. Post the closing entries to the general ledger by clicking on [Post entries]. c. Use the exportable trial balances used in Chapters 2 through 6 of this problem, and theexportable pre-closing trial balance and post-closing trial balance for governmental activities,to prepare required government-wide and governmental fund financial statements andreconciliations that the City of Smithville must present for its basic financial statements to bein conformity with generally accepted accounting principles. (See Illustrations 9-3 through 9-8 of the textbook for examples of these statements.) We recommend that you use Excel toprepare these financial statements; however, your instructor may want you to do thesemanually. (Note: The City of Smithville is a primary government and has no otherorganizations for which it is accountable as component units.)

Show more







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10