PROBLEM 2

Presented below is the adjusted trial balance for the General Fund of the Town at June 30, 20XX, the end of the fiscal year. Based on this information, prepare, in good form:

1. closing entries

2. the statement of revenues, expenditures, and changes in fund balance for the year

3. the balance sheet at June 30, 20XX. (Classify the fund balance as Unassigned.)

Township of Marc General Fund Adjusted Trial Balance June 30, 20XX
Cash	$ 10,200
Taxes receivable	105,000
Investments	35,000
Vouchers payable		53,000
Tax anticipation notes payable		22,000
Unassigned fund balance		42,700
Estimated revenues	102,000
Appropriations		90,000
Budgetary fund balance		12,000
Revenues-taxes		107,000
Revenues-other		3,000
Expenditures-personal services	76,000
Expenditures-supplies	1,500	0
	$ 329,700	$ 329,700