Issuance of tax-supported debt having a maturity of more than one year from date of issue results in a journal entry in only the governmental activities general journal.

Question

Quizplus · Accepted Answer

Issuance of tax-supported debt with a maturity of more than one year affects both the governmental activities general journal and the fund financial statements, as it impacts long-term liabilities and fund balances.

Issuance of Tax-Supported Debt Having a Maturity of More Than