2. Prepare worksheet entries and post to the worksheet for the following items. Identify each adjustment by the letter used in the problem:

1. Record the January 1, 2020 balances of general fixed asset and related accumulated depreciation accounts. The City of Monroe had the following balances (excluding Internal Service Funds):

	Cost			Accumulated Depreciation
Totals	$	67,900,000		$	32,000,000

2. Eliminate the capital expenditures shown in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances.
3. Depreciation Expense (governmental activities) for the year totaled $5,130,000.
4. Eliminate the other financing sources from the sale of bonds by recording a liability for bonds payable and the related premium.
5. As of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.
6. Eliminate the expenditures for bond principal.
7. Accrue interest in the amount of $328,000. (Two bond issues were outstanding; interest payments for both were last made on July 1, 2020. The computation is as follows: ($11,200,000 0.03 6/12) + ($4,000,000 0.08 6/12) = $328,000).
8. Adjust for the interest accrued in the prior year government-wide statements, but recorded as an expenditure in the 2020 fund basis statements, ($12,000,000 0.03 6/12) = $180,000.
9. Amortize bond premium in the amount of $10,000.
10. Make adjustments for additional revenue accrual. The only adjustment is for property taxes to eliminate the current year deferral of property taxes.
11. Adjust for the $21,000 of property taxes that was deferred in 2019 and recognized as revenue in the 2020 fund-basis statements.
12. Assume the City adopted a policy in 2020 of allowing employees to accumulate compensated absences. Make an adjustment accruing the expense of $42,000 Charge compensated absences expense.
13. Bring in the balances of the internal service fund balance sheet accounts. Again, use a single account for all capital assets and a second account for all accumulated depreciation balances (use a separate column of the worksheet to enter Internal Service Fund entries).
14. No revenues from internal service funds were with external parties. Assume $3,200 of the $11,200 Due from Other Funds in the internal service accounts represents a receivable from the General Fund and the remaining $8,000 is due from the enterprise fund. Eliminate the $3,200 interfund receivables.
15. Reduce governmental fund expenses by the net operating profit of internal service funds. As the amount is small, reduce general government expenses for the entire amount.
16. Eliminate transfers that are between departments reported within governmental activities.

AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Aa EDIA Colors A Fonts Effects Width: 1 page 1Height: Automatic Scale 64% Themes a Margins Orientation Size Print Breaks Background Print Area Titles Page Setup Gridlines Headings View View Print Print Bring Send Forward Backward Selection Align Group Rotate Pane Themes Scale to Fit Sheet Options Arrange G2 fx - A B C D E F G H J K M N O Q R Enter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equity 1 Gov'tal Fund Balances Govern- mental Funds Adjusted Refi Account Titles Debits Credits Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits a. 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 557,500 557,500 A type debit accounts in this column DEBITS: type credit accounts in this column Cash Cash with Fiscal Agent Capital Asset 67,900,000 Investments Accumulated Depreciation - Capital Asset 32,000,000 Taxes Receivable, net Net Position (Beginning of the year) 35,900,000 Interest Receivable, net Inventories b. Capital Asset - building 5,821,100 Due from State Govt. Expenditures - Capital Outlay 5,821,100 Due from Other Funds Capital Assets c. Depreciation Expense - Building 5,130.000 both rows Accumulated Depreciation - Building 5.130.000 Expenditures (expenses) Current d. Other Financing Sources - Proceeds of Bonds 4,000,000 General Govt. Other Financing Sources - Premium on Bonds 200,000 Public Safety Bonds Payable 4,000,000 Highway and Streets Premium on Bonds Payable 200,000 Sanitation Conversion worksheet Stmt of Activities Stmt of Net Position Reconciliations + 1,649.000 3,066,900 2,481,900 591,400 : 1,649,000 3,066,900 2,481,900 591,400 Ready Count: 249 + 100% Type here to search w 12:11 PM 4/23/2021 AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Aa Width: 1 page 1| Height: Automatic Scale 64% EDIA Colors A Fonts Effects Themes Gridlines Headings View View Print Print Margins Orientation Size Print Breaks Background Print Area Titles Bring Send Forward Backward Selection Align Group Rotate Pane Themes Page Setup Scale to Fit Sheet Options Arrange G2 X E G J K L M O P Q RA F 200,000 591,400 724,100 374.300 917,300 N 591,400 724,100 374,300 917,300 800.000 800,000 . Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal - Interest (expenditure/expense) both rows Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 800,000 514,000 800,000 328,000 186,000 328,000 328,000 5,821,100 35,900,000 5,821,100 5,821,100 1,868,700 1,868,700 A B C D 20 Premium on Bonds Payable 21 22 e. Bonds Payable 23 Expenditures - Bond principal 24 25 f. 26 27 28 Net Position 29 Interest Expense 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 16 Conversion worksheet 21,404,950 263,800 40.200 263,800 40,200 800,000 200,000 5,130,000 4,530,000 Total Debits CREDITS: Accounts Payable Due to Other Funds Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes Accumulated Depreciation both rows Revenues Stmt of Net Position Reconciliations 17,500 17,500 5,821,100 5,821,100 Stmt of Activities Ready Count: 249 + 100% Type here to search O w 1 12:12 PM 4/23/2021 AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments EDIA Aa Colors A Fonts Themes Effects Width: 1 page 1| Height: Automatic Scale 64% Gridlines Headings View View Print Print Bring Margins Orientation Size Print Breaks Background Print Area Titles Page Setup Send Forward Backward Selection Align Group Rotate Pane Themes Scale to Fit Sheet Options Arrange G2 X D E F G 1 J K M N 0 P Q RA L 5,821,100 5,821,100 . both rows Revenues Property Taxes Sales Taxes Interest Licenses & Permits Miscellaneous State Grant for Highway Street Expen Capital Grant-Gen Govt Capital Grant- Public Safety 6,846,000 2,938,000 18,000 800,000 350,000 1.067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 A B C 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 | Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In Net Position at beginning of year three rows 4,000,000 200,000 1,868,700 #REF! 5,130,000 #REF! (4,930,000 1,868,700 328,000 1,000,250 1,328,250 21,404,950 Total Credits column totals: debits = credits ?? #REF 48.179 100 Screenshot saved The screenshot was added to your OneDrive. OneDrive Conversion worksheet Stmt of Activities Stmt of Net Position Reconciliations Ready Louric: 249 HI B TUU? 1: Type here to search o O w 12:12 PM 4/23/2021 AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Aa EDIA Colors A Fonts Effects Width: 1 page 1Height: Automatic Scale 64% Themes a Margins Orientation Size Print Breaks Background Print Area Titles Page Setup Gridlines Headings View View Print Print Bring Send Forward Backward Selection Align Group Rotate Pane Themes Scale to Fit Sheet Options Arrange G2 fx - A B C D E F G H J K M N O Q R Enter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equity 1 Gov'tal Fund Balances Govern- mental Funds Adjusted Refi Account Titles Debits Credits Adjustments & Eliminations Debits Credits Internal Service Funds Debits Credits a. 541,400 760,000 263,000 457,500 16,850 541,400 760,000 263,000 457,500 16,850 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 557,500 557,500 A type debit accounts in this column DEBITS: type credit accounts in this column Cash Cash with Fiscal Agent Capital Asset 67,900,000 Investments Accumulated Depreciation - Capital Asset 32,000,000 Taxes Receivable, net Net Position (Beginning of the year) 35,900,000 Interest Receivable, net Inventories b. Capital Asset - building 5,821,100 Due from State Govt. Expenditures - Capital Outlay 5,821,100 Due from Other Funds Capital Assets c. Depreciation Expense - Building 5,130.000 both rows Accumulated Depreciation - Building 5.130.000 Expenditures (expenses) Current d. Other Financing Sources - Proceeds of Bonds 4,000,000 General Govt. Other Financing Sources - Premium on Bonds 200,000 Public Safety Bonds Payable 4,000,000 Highway and Streets Premium on Bonds Payable 200,000 Sanitation Conversion worksheet Stmt of Activities Stmt of Net Position Reconciliations + 1,649.000 3,066,900 2,481,900 591,400 : 1,649,000 3,066,900 2,481,900 591,400 Ready Count: 249 + 100% Type here to search w 12:11 PM 4/23/2021 AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Aa Width: 1 page 1| Height: Automatic Scale 64% EDIA Colors A Fonts Effects Themes Gridlines Headings View View Print Print Margins Orientation Size Print Breaks Background Print Area Titles Bring Send Forward Backward Selection Align Group Rotate Pane Themes Page Setup Scale to Fit Sheet Options Arrange G2 X E G J K L M O P Q RA F 200,000 591,400 724,100 374.300 917,300 N 591,400 724,100 374,300 917,300 800.000 800,000 . Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) Debt Service Principal - Interest (expenditure/expense) both rows Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 800,000 514,000 800,000 328,000 186,000 328,000 328,000 5,821,100 35,900,000 5,821,100 5,821,100 1,868,700 1,868,700 A B C D 20 Premium on Bonds Payable 21 22 e. Bonds Payable 23 Expenditures - Bond principal 24 25 f. 26 27 28 Net Position 29 Interest Expense 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 16 Conversion worksheet 21,404,950 263,800 40.200 263,800 40,200 800,000 200,000 5,130,000 4,530,000 Total Debits CREDITS: Accounts Payable Due to Other Funds Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes Accumulated Depreciation both rows Revenues Stmt of Net Position Reconciliations 17,500 17,500 5,821,100 5,821,100 Stmt of Activities Ready Count: 249 + 100% Type here to search O w 1 12:12 PM 4/23/2021 AutoSave On F Fund Accounting Problem - Saved - Search Maria Miller MM 7 File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments EDIA Aa Colors A Fonts Themes Effects Width: 1 page 1| Height: Automatic Scale 64% Gridlines Headings View View Print Print Bring Margins Orientation Size Print Breaks Background Print Area Titles Page Setup Send Forward Backward Selection Align Group Rotate Pane Themes Scale to Fit Sheet Options Arrange G2 X D E F G 1 J K M N 0 P Q RA L 5,821,100 5,821,100 . both rows Revenues Property Taxes Sales Taxes Interest Licenses & Permits Miscellaneous State Grant for Highway Street Expen Capital Grant-Gen Govt Capital Grant- Public Safety 6,846,000 2,938,000 18,000 800,000 350,000 1.067,500 332,000 1,335,000 6,846,000 2,938,000 18,000 800,000 350,000 1,067,500 332,000 1,335,000 A B C 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 | Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In Net Position at beginning of year three rows 4,000,000 200,000 1,868,700 #REF! 5,130,000 #REF! (4,930,000 1,868,700 328,000 1,000,250 1,328,250 21,404,950 Total Credits column totals: debits = credits ?? #REF 48.179 100 Screenshot saved The screenshot was added to your OneDrive. OneDrive Conversion worksheet Stmt of Activities Stmt of Net Position Reconciliations Ready Louric: 249 HI B TUU? 1: Type here to search o O w 12:12 PM 4/23/2021