A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms
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A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be used to purchase database and periodical subscriptions for the library. A pre-closing trial balance of the library permanent fund follows:
A. Prepare any closing entries necessary at year-end.
B. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the library permanent fund.
C. Prepare a balance sheet for the Library Permanent Fund (Use Assigned toLibrary for any spendable fund balance).
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
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