The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2020,
Fantastic news! We've Found the answer you've been seeking!
Question:
The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2020, the last day of its fiscal year. Control accounts are used for budgetary entries.
Debits | Credits | ||||
Accounts Payable | $ | 19,000 | |||
Allowance for Uncollectible Taxes | 12,000 | ||||
Appropriations (Control) | 494,000 | ||||
Budgetary Fund Balance | 5,000 | ||||
Cash | $ | 175,000 | |||
Deferred Inflows — Property Taxes | 38,000 | ||||
Due from Capital Projects Fund | 5,000 | ||||
Due to Debt Service Fund Encumbrances | 17,000 | ||||
Encumbrances | 63,000 | ||||
Estimated Revenue (Control) | 534,000 | ||||
Estimated Other Financing Uses (Control) | 35,000 | ||||
General Government Expenditures | 195,000 | ||||
Other Revenues | 55,000 | ||||
Property Tax Revenue | 491,000 | ||||
Public Safety Expenditures | 238,000 | ||||
Budgetary Fund Balance — Reserve for Encumbrances | 63,000 | ||||
Supplies Inventory | 24,000 | ||||
Tax Anticipation Note Payable | 100,000 | ||||
Taxes Receivable | 205,000 | ||||
Transfer Out (to Internal Service Fund) | 30,000 | ||||
Fund Balance | 140,000 | ||||
Totals | $ | 1,469,000 | $ | 1,469,000 | |
1. Prepare the closing entries for December 31. (It is not necessary to use control accounts and subsidiary ledgers.)
2. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended December 31.
3. Prepare the Fund Balance section of the December 31 Balance Sheet assuming there are no restricted or committed net resources and the outstanding encumbrances are for capital additions.
Related Book For
Essentials of Accounting for Governmental and Not-for-Profit Organizations
ISBN: 978-0073527055
10th Edition
Authors: Paul A. Copley
Posted Date: