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 $4,000 and Compensated Absences of $2,500 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,000 and $1,200, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences?
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 $4,000 and Compensated Absences of $2,500 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,000 and $1,200, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences?
College Accounting (Book Only): A Career Approach
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ISBN:9781337280570
Author:Scott, Cathy J.
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Chapter4: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 6QY: The __________ requires that expenses be matched up with revenue for the same period of time. a....
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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 $4,000 and Compensated Absences of $2,500 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $2,000 and $1,200, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences?
Please avoid solutions in image based format thanku
Transcribed Image Text:Revenues
Reconciliation Spreadsheet
Description
To record reconciliation entry for deferred revenue.
◆
Compensated absence expense
Revenues
To record reconciliation entry for compensated absences.
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