1. Prepare and post the necessary closing entries for the Street and Highway Fund. Below are the...
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1. Prepare and post the necessary closing entries for the Street and Highway Fund. Below are the journal entries. I am having trouble with what to close?
Estimated Revenues | 1,070,000 | |
Appropriations Control | 1,065,000 | |
Budgetary Fund Balance | 5,000 | |
Due from state government | 1,085,000 | |
Intergovernmental Revenue | 1,085,000 | |
Cash | 990,000 | |
Due from State | 999,000 | |
Encumbrance Street HighwayMaintenance | 1,044,000 | |
Budgetary F/B Reserve Encumbrances | 1,044,000 | |
Budgetary F/B Reserve Encumbrances | 1,037,500 | |
Encumbrances | 1,037,500 | |
Expenditures Street Highway | 1,026,000 | |
Accounts Payable | 1,026,000 | |
Cash | 6,000 | |
Revenues Interest on Investment | 6,000 | |
Accounts Payable | 956,000 | |
Cash | 956,000 | |
Budgetary Fund Balance | 12,500 | |
Appropriations Control | 12,500 | |
2. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the
Street and Highway Fund for the fiscal year ended December 31, 2014
Revenues |
Intergovernmental Revenues |
Interest on Investments |
Total Revenues |
Expenditures |
Current: |
Street & Highway Maintenance |
Total Expenditures |
Excess (Deficiency) of Revenues Over Expenditures |
Fund Balance, January 1 |
Fund Balance, December 31 |
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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