Question: Need help, asap PLEASE. I need help with the closing entries Following the instructions in the next paragraph, prepare and post the necessary entries to

Need help, asap PLEASE. I need help with the closing entries

Following the instructions in the next paragraph, prepare and post the necessary entries to close the Estimated Revenues, Appropriations, and Estimated Other Financing Uses accounts to Budgetary Fund Balance; and Revenues, Expenditures, and Other Financing Uses to Fund BalanceUnassigned. Because the City of Bingham honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues, expenditures, and changes in fund balances. However, if you would like to avoid having these accounts appear in the post-closing trial balance, you can opt to close Encumbrances to Encumbrances Outstanding. If the accounts are closed, they would need to be reestablished at the beginning of the next year, although entries are not required in this problem for the next year.

To close the temporary accounts, you must click on the box for [Closing Entry], Closing Entry checkbox will appear next to the [Add credit] field. Be sure the checkmark in the box for [Closing Entry] is showing as selected before closing each individual account. Also, with the exception of Estimated Other Financing UsesInterfund Transfers Out and Other Financing UsesInterfund Transfers Out, you will be sent to the Detail Journal where you must close each individual budgetary or operating statement account. To determine the closing amounts for both General Ledger and subsidiary ledger accounts, you should first print the pre-closing version of these ledgers for year 2023 from the [Reports] menu.

At year-end, an analysis by the citys finance department determined the following constraints on resources in the General Fund. Prepare the appropriate journal entry in the General Fund to reclassify amounts between Fund BalanceUnassigned and the fund balance accounts corresponding to the constraints shown below. You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified.

Account Amount

Fund BalanceCommittedPublic Safety $20,300

Fund BalanceCommittedPublic Works 13,790

Fund BalanceAssigned Health and Welfare 19,500

Fund BalanceNonspendableInventory of Supplies 7,000

Need help, asap PLEASE. I need help with the closing entries Following

Pre-closing Trial Balance as of 2023 City of Bingham 1 - General Fund Pre-closing Trial Balance as of 2023 City of Bingham 1 - General Fund

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