When preparing its financial statements, a municipality records a compensated absences liability for the amount normally expected
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Question:
When preparing its financial statements, a municipality records a compensated absences liability for the amount “normally expected to be liquidated with expendable available resources” in the General Fund. The additional long-term compensated absences liability was estimated to be $2,395,000 at December 31, 2019 and $2,431,000 at December 31, 2020.
Required:
Prepare the worksheet journal entry(ries) needed to convert the information reported in the governmental fund financial statements for 2020 to government-wide financial statements.
Expert Answer:
Answer Debit Credit Compensated absences liability 2431000 Expendable available resou... View the full answer
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