Using the following pre-closing trial balance for Hayes City’s general fund as of June 30, 2016, answer the questions that follow:

	Debits	Credtits
Cash	261,400
Taxes Receivable-Current	888,500
Estimated Uncollectible Current Taxes		62,000
Accounts Payable		325,700
Due to Other Funds		16,000
Tax Anticipation Notes Payable		520,000
Encumbrances Outstanding		112,000
Fund Balance		122,500
Estimated Revenues	1,556,200
Revenues		1,457,300
Appropriations		1,551,600
Encumbrances	112,000
Expenditures	1,349,000
Totals	4,167,100	4,167,100

a.) What was the ending Fund Balance at June 30, 2015? Show calculations, T accounts for fund balance and closing journal entries.

Answer rating: 100% (QA)

Calculate the fund balance as of June 302016 as follows Fund balance b... View the full answer