(General Ledger-Subsidiary Ledgers Relationship. Closing Entries, Budgetary Statement) The City Council of the City of Eastover adopted...
Question:
(General Ledger-Subsidiary Ledgers Relationship. Closing Entries, Budgetary Statement) The City Council of the City of Eastover adopted the following budget for its General Fund for 20X8. The budget was not revised during the fiscal year. The budgetary basis was modified accrual.
The preclosing trial balances of the Revenues and Expenditures Subsidiary Ledgers at the end of fiscal year 20X8 are:
The only encumbrances outstanding at year-end were for $75,000 of unperformed contracts for the Health and Sanitation function. The beginning fund balance was $312,000. Required
a. Prepare closing entries for both the General Ledger accounts and the subsidiary ledgers of the City of Eastover General Fund.
b. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual for the General Fund of the City of Eastover for fiscal year 20X8.
Step by Step Answer:
Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,