Question: Accounts from a governmental fund operating statement. Discuss how and why these accounts will be adjusted when preparing the operating statement conversion worksheet for governmental

Accounts from a governmental fund operating statement. Discuss how and why these accounts will be adjusted when preparing the operating statement conversion worksheet for governmental activities. If no adjustments are required, explain why.

ExpendituresCapital Outlay-Equipment. $500,000

ExpendituresOperating-General Government 1,800,000

Other Financing SourcesBonds3,000,000

Other Financing SourcesProceeds from Sale of General Capital Assets 30,000

Assume the cost of the equipment sold was $185,000 and the accumulated depreciation was $170,000.

Develpe the worksheet conversion entries required for this information using the one-worksheet approach.

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