The preclosing trial balance at December 31, 20X1, for Lone Wolfs general fund follows. Lone Wolf uses
Question:
Lone Wolf uses the purchase method of accounting for inventories and the lapsing method of accounting for encumbrances.
Required
a. Prepare the closing entries for the general fund.
b. Prepare a general fundonly balance sheet at December 31,20X1.
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...
Debit Credit $90,000 100,000 Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from Other Funds Vouchers Payable Due to Other Funds Fund Balance -Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures Other Financing Uses-Transfer Out Estimated Revenues Control Appropriations Control Estimated Other Financing Uses-Transfer Out $ 7.200 14,600 65,000 8,400 119,000 1,130,000 40,000 ,140,000 25,000 1,200,000 1,145,000 25,000 32,000 Budgetary Fund Balance Assigned for Encumbrances Budgetary Fund Balance Unassigned Total 32,000 30,000 $2.601.600 $2,601,600
Step by Step Answer:
a Closing entries for the general fund 1 APPROPRIATIONS CONTROL 1145000 ESTIMATED OTHER FINANCING US...View the full answer
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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