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goji.go goji.go
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Posts: 5977
Rep: 293 0
9 years ago
A government had capital outlay expenditures of $226,000 during the year for the public safety function accounted for in the General Fund. It was determined that $195,000 of the capital outlay should be reported as capital assets in the government-wide financial statements. What would the one-worksheet conversion adjustment be to record the capital assets as a governmental activity?

      Debit   Credit
A.   Capital Outlay Expenditures
   Fund Balance   $226,000   
$226,000
B.   Capital Assets
   Capital Outlay Expenditures   $195,000   
$195,000
C.   Capital Assets
   Capital Outlay Expenditures   $226,000   
$226,000
D.   Capital Assets
Expenses – Public Safety
   Capital Outlay Expenditures   $195,000
31,000   

226,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
wrote...
#1
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Posts: 10774
Rep: 1064 3
9 years ago
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