Long-term debt adjustments for government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2022. During 2023, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Prepare journal entries needed to adjust Sai-Tu’s fund financial statements so government-wide statements can be prepared for the year ended December 31, 2023. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields
Long-term debt adjustments for government-wide financial statements
Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental
activities column of its government-wide statement of net position for the year ended December 31, 2022.
During 2023, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000
of bonds outstanding at the beginning of the year.
Prepare
statements can be prepared for the year ended December 31, 2023.
If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields
and enter 0 in the amount fields.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
