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
Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th
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