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.)

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