Breneman City reported bonds payable of $5,500,000 in the governmental activities column of its statement of net position for fiscal year ended June 30, 2021. During fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000, and made principal payments on bonds payable totaling $220,000. Prepare the three journal entries required to adjust the governmental funds statements to the government-wide statements for fiscal year ended June 30 20??

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Breneman City reported bonds payable of $5,500,000 in the governmental activities
column of its statement of net position for fiscal year ended June 30, 2021. During
fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000,
and made principal payments on bonds payable totaling $220,000.
Prepare the three journal entries required to adjust the governmental funds
statements to the government-wide statements for fiscal year ended June 30, 2022.
Transcribed Image Text:Breneman City reported bonds payable of $5,500,000 in the governmental activities column of its statement of net position for fiscal year ended June 30, 2021. During fiscal year ended June 30, 2022, the City issued bonds payable totaling $1,000,000, and made principal payments on bonds payable totaling $220,000. Prepare the three journal entries required to adjust the governmental funds statements to the government-wide statements for fiscal year ended June 30, 2022.
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