The preclosing trial balance of a Special Revenue Fund of Mesa County at the end of its
Question:
The Advance to Enterprise Fund plus another $15,000 of the fund€™s net assets are related to resources set aside for the purposes of the Special Revenue Fund at the discretion of the county€™s management. The remainder comes from revenues restricted for the specific purpose for which the fund was established.
Required
a. Prepare the entry or entries to close the General Ledger and subsidiary ledger accounts at the end of the 20X7 fiscal year.
b. Based on the preclosing trial balance, prepare the following, in good form, for the Mesa County Special Revenue Fund:
1. A balance sheet at the end of the 20X7 fiscal year.
2. A statement of revenues, expenditures, and changes in fund balances for the 20X7 fiscalyear.
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...
Step by Step Answer:
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi