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Preparation of closing entries The Town of Falconcrest reports the following trial balance after all entries have been made for the year: Trial Balance DR CR Cash $194,347 Receivables 15,480 160,083 $18,319 176,085 46,440 86,860 580.765 Real estate & personal property Intergovernmental Payables Deferred revenues Fund balances: Assigned Unassigned Revenues-real estate taxes Intergovernmental revenues Expenditures-general government Expenditures-public safety Expenditures-education Expenditures-public works Expenditures-human services Expenditures-debt principal payments Expenditures-debt interest payments Other financing sources-proceeds from bonds 105,651 98,694 65,797 394,783 32,899 65,797 2.580 860 17,200 $1,031,320 $1,031,320 The Town's budget for the year, originally entered into the financial records, was as follows: 678,749 17,200 ESTIMATED REVENUES ESTIMATED OTHER FINANCING SOURCES APPROPRIATIONS BUDGETARY FUND BALANCE (664,551) 31,398 In addition, the Town issued purchase orders for goods and services amounting to $7,740 that are outstanding at the end of the fiscal year. It intends to honor those purchase invoices. Prepare the appropriate closing entries for the year. In addition, the Town issued purchase orders for goods and services amounting to $7,740 that are outstanding at the end of the fiscal year. It intends to honor those purchase invoices. Prepare the appropriate closing entries for the year. Journal Entries Description Debit Credit APPROPRIATIONS 0 0 0 0 0 0 0 0 ESTIMATED OTHER FINANCING SOURCES Revenues-Real estate & personal property taxes Revenues-Intergovernmental 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Expenditures-general government Expenditures-public safety Expenditures-education Expenditures-public works Expenditures-human services Expenditures-debt principal payments Expenditures-debt interest payments To close out revenue & expenditure accounts. 0 0 0 0 0 0 0 0 0 0 To close remaining encumbrances. 0 0 0 0 To reserve fund balance for encumbrances to be honored in following year