A municipality reported real property tax revenues of $12,388,000 in its governmental fund statement of revenues, expenditures, and changes in fund balances for the calendar year 2019. It also reported $743,000 as deferred property tax revenues in its fund balance sheet at December 31, 2019 as a result of applying the 60-day availability rule. In its 2020 governmental fund financial statements, the municipality reported property tax revenues of $12,762,000 and deferred property tax revenues of $786,000.

Required:

Prepare worksheet journal entries needed to convert the information reported in the governmental fund financial statements for 2020 to government-wide financial statements.

Answer rating: 100% (QA)

Answer General Fund Property tax revenue 12762000 Deferred property tax revenue 786000 Governmentwid... View the full answer