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For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [Select] [Select] Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000

For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [Select] [Select] Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000
Transcribed Image Text:For the following event, prepare journal entries under a governmental fund (using modified accrual), necessary worksheet entries, and government-wide financial statements (using accrual basis of accounting). The modified accrual statement reflected debt service expenditures in the amount of $500,000 for interest and $612,000 for principal. No adjustment was necessary for interest accruals at year-end. J/E under Modified Accrual Account Debited [ Select] [Select] > > Account Credited [Select] Amount Debited 612,000 500,000 Amount Credited 1,112,000
Worksheet Entries Account Debited [Select] [Select] JE under Accrual Account Debited [ Select] [Select] Account Credited [Select] [Select] Account Credited [Select] > Amount Debited 612,000 500,000 Amount Debited 612,000 500,000 Amount Credited 612,000 500,000 Amount Credited 1,112,000
Transcribed Image Text:Worksheet Entries Account Debited [Select] [Select] JE under Accrual Account Debited [ Select] [Select] Account Credited [Select] [Select] Account Credited [Select] > Amount Debited 612,000 500,000 Amount Debited 612,000 500,000 Amount Credited 612,000 500,000 Amount Credited 1,112,000
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