Why are adjusting entries often required in governmental funds at year end in accounting for claims and judgments?
Answer to relevant QuestionsUnder what conditions is a government required or permitted to accrue debt service expenditures on general long-term liabilities?Record the following transactions in General Ledger accounts of the General Fund of Fergieville.1. Incurred salaries of $300,000, $280,000 of which was paid.2. A long-term note ($400,000 face value) matured. The interest of ...1. Record the following 20X9 transactions in the Percy County General Fund General Ledger. Assume:a. The county entered into a capital lease for police safety equipment. The capitalizable cost of the equipment was ...When is a Capital Projects Fund used by a governmental entity? In what situations would a Capital Projects Fund not be used for reporting in accordance with generally accepted accounting principles (GAAP)? Explain.What are demand bonds? In what circumstances is a government most likely to issue demand bonds? Are demand bonds reported as general long-term liabilities? Explain.
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