Exercise $7-5($Algo$)-$ Prepare the year$-$end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December $31,2024.$

Exerclse $7-5($Algo$)$

Presented below is the preclosing trial balance for the Scholarship Fund, a private$-$purpose trust fund of the Algonquin School District.

Required:

Prepare the year$-$end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December $31,2024.$

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General Journal

Prepare the Statement of Changes in Fiduciary Net Position for the year ended December $31,2024.$