The City of Southern Pines, during the year, incurred expenditures for capital outlays amounting to $22,500,000. Depreciation incurred for the year was calculated to be $1,500,000. (2 entries - 2 points). 1☑ Ff▾ A BI III III The City of Southern Pines maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations. Use the account titles presented during the first 4 weeks where appropriate. Use the account title referred to in the question for all other entries (general obligation bonds = Bonds Payable).
The City of Southern Pines, during the year, incurred expenditures for capital outlays amounting to $22,500,000. Depreciation incurred for the year was calculated to be $1,500,000. (2 entries - 2 points). 1☑ Ff▾ A BI III III The City of Southern Pines maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide financial statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations. Use the account titles presented during the first 4 weeks where appropriate. Use the account title referred to in the question for all other entries (general obligation bonds = Bonds Payable).
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:The City of Southern Pines, during the year, incurred expenditures for capital outlays amounting to $22,500,000.
Depreciation incurred for the year was calculated to be $1,500,000. (2 entries - 2 points).
1☑ Ff▾ A BI
III
III
Transcribed Image Text:The City of Southern Pines maintains its books so as to prepare fund accounting statements and prepares worksheet
adjustments in order to prepare government-wide financial statements. You are to prepare, in journal form,
worksheet adjustments for each of the following situations. Use the account titles presented during the first 4
weeks where appropriate. Use the account title referred to in the question for all other entries (general
obligation bonds = Bonds Payable).
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