Federal Agency Financial Statements. Using the data from Problem 112, prepare the following: a. In general journal

Question:

Federal Agency Financial Statements. Using the data from Problem 11—2, prepare the following:
a. In general journal form, entries to close the budgetary accounts as needed and to close the operating statement proprietary accounts.
b. In good form, a for the federal agency as of September 30, 2011. (Note: Assume that all assets are entity assets, Fund Balance with Treasury is an intragovernmental asset, and all other assets are governmental)

Balance Sheet
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...