Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) The City of Lexington is preparing its government-wide financial statements from its fund financial statements. The City records Deferred Revenue with a book value of $4,500 and Compensated Absences of $3,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,500 and $1,500, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Revenues Description To record reconciliation entry for deferred revenue. Compensated absence expense + + ◆ → Debit ooo 0 OOO 0 Credit 0 0 0 OOO

Reconciliations to yield government-wide financial statements (deferred revenues and compensated absences) The City of Lexington is preparing its government-wide financial statements from its fund financial statements. The City records Deferred Revenue with a book value of $4,500 and Compensated Absences of $3,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,500 and $1,500, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Revenues Description To record reconciliation entry for deferred revenue. Compensated absence expense + + ◆ → Debit ooo 0 OOO 0 Credit 0 0 0 OOO

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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