Following are four accounts from a governmental fund balance sheet Discuss how and why these accounts will be adjusted when preparing the balance sheet conversion worksheet for governmental activities If no adjustments are required, state why Due from International Airport Enterprise Fund $ 50,000 ...

The Due from Special Revenue Fund and Due to General Fund accounts are within the gover ...

Following are four accounts from a governmental fund balance sheet. Discuss how and why these accounts will

Question:

Following are four accounts from a governmental fund Discuss how and why these accounts will be adjusted when preparing the conversion worksheet for governmental activities. If no adjustments are required, state why.
Due from International Airport Enterprise Fund . . . . . . . . . . . . . . $ 50,000
Due to Water Enterprise Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Due to General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Due from Special Revenue Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...