1. At the beginning of its 2019 fiscal year, Sawyer city has general capital assets...
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1. At the beginning of its 2019 fiscal year, Sawyer city has general capital assets of $1,200,000 and accumulated depreciation on these assets of $400,000. What worksheet journal entry does Sawyer City need to make to prepare its fiscal year ending 2019 government-wide financial statements?
A) Capital Assets 1,200,000
Expenditures 1,200,000
B) Capital Assets 1,200,000
Accumulated Depreciation 400,000
Expenditures- capital outlay 800,000
C)Capital Assets 1,200,000
Accumulated Depreciation 400,000
Net position 800,000
D) Accumulated Depreciation 400,000
Net position 800,000
Capital Assets 1,200,000
2. The city of Watson reported $8,000 of deferred property tax revenues in its General Fund at the end of its 2018 fiscal year. The 2018 deferred property tax revenues were collected during the last 10 months of the 2019 fiscal year. What worksheet journal entry should be made to prepare the city of Watsons 2019 government-wide financial statements?
A) Revenues-Property taxes $8,000
Net position 8,000
B) Revenues- property tax 8,000
Deferred revenues-property taxes 8,000
C) Deferred revenues-property taxes 8,000
Revenues-property taxes 8,000
D) No entry is required
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