Assume that at the beginning of the fiscal year, the City of Finch reports the following balances
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Question:
Assume that at the beginning of the fiscal year, the City of Finch reports the following balances in its accounts for the General Fund:
General Fund | ||
Beginning Balances: | DR | CR |
Cash | $ 6,720 | |
Receivables: | ||
Real estate & personal property | 3,250 | |
Intergovernmental | 1,800 | |
Payables | $ 1,180 | |
Deferred revenues | 3,750 | |
Fund balances: | ||
Assigned | 2,150 | |
Unassigned | 4,690 | |
$11,770 | $11,770 |
Required:
- Prepare the pre-closing trial balance for the General Fund.
- From the pre-closing trial balance in part a, prepare the City of Finch’s balance sheet and the statement of revenues, expenditures, and changes in fund balances for the fiscal year for the General Fund.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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