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The City of Willows is preparing its government-wide financial statements from its fund financial statements. The City records Deferred Revenue with a book value of $3,500 and Compensated Absences of $1,000 (all numbers in $1,000s) at the beginning of the year. During the year, these accounts increased by $500 and $150, respectively. What reconciliation entries must the City include in its government-wide financial statements relating to Deferred Revenues and Compensated Absences? Reconciliation Spreadsheet Description Debit Credit 0 0 Revenues 0 0 0 0 To record reconciliation entry for deferred revenue. 0 Compensated absence expense ooo 0 0 To record reconciliation entry for compensated absences. Net position Compensated absences Revenues Deferred revenues