On January 1, 2012, a county's government-wide financial statements shows general fixed assets of 2,400,000 .
For the year ended December 31, 2012, the county's fund financial statement shows an amount of 125,000 next to the caption Expenditures - capital outlay. To prepare its 2012 government-wide financial statements, the preparer makes a worksheet that uses the 2012 fund-level financial statements as the starting point. As a result, the worksheet does not show any capital assets at the beginning of the year. What adjusting entry is needed to report the facts about capital assets on the government-wide statements?
a. Capital assets 2,525,000
Expenditures - capital outlay 2,525,000
b. Capital assets 125,000
Expenditures - capital outlay 125,000
c. Capital assets 2,525,000
Net position 2,400,000
Expenditures - capital outlay 125,000
d. Capital assets 2,400,000
Expenditures - capital outlay 125,000
Net position 2,525,000
Question 2
A withdrawal of cash made by the owner will be found in the
a. cash receipts journal
b. cash payments journal
c. revenue journal
d. purchases journal
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