Employees reported in the general fund earn future pension benefits with a present value of $85,000

a. For the above transaction, prepare the journal entries necessary to record the transactions in (1) the fund financial statements, and (2) the government-wide financial statements for the county. For the government-wide entries, indicate whether the item is reported in governmental or business-type activities. For the fund entries, indicate which fund is affected.

b. For the above transaction item, indicate whether it is added, subtracted, or is not included in the reconciliation of the change in fund balances of governmental funds to the change in net position of governmental activities, appearing on the government-wide statements, and the amount of the reconciliation item, if included.

Answer rating: 100% (QA)

a Fund financial statements 1 Dr Salaries and Wages ... View the full answer