For a General Fund or a Special Revenue Fund, what does a credit balance in the fund balance account(s) at the end of the year signify? What does a debit balance signify?
Answer to relevant QuestionsDoes a credit balance in the fund balance account( s) at the end of the year necessarily mean the fund has sufficient cash to pay its liabilities in a timely manner? Explain.Harmon School District’s General Fund accounts for all revenues and expenditures. At the start of school year 2013 (which runs from July 1, 2012, to June 30, 2013) the fund balance is $ 350,000. The approved budget for ...The ledger of the General Fund of the City of New Elisa shows the following balances at the end of the fiscal year. Prepare closing journal entries for these budgetary and financial accounts. Estimated revenues ....... $ ...Following is the December 31, 2013, trial balance for Radnor City’s General Fund. Based on this information, prepare (a) a statement of revenues, expenditures, and changes in fund balance, (b) a balance sheet, and (c) a ...What is the basic rule for recognizing sales tax and personal income tax revenues in governmental-type funds?
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