The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property...
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The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from other Funds Vouchers Payable Due to other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures other Financing Uses-Transfer out Estimated Revenues Control Appropriations Control. Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 91,000 129,300 14,500 1,135,000 26,000 1,223,000 39,000 $ 2,657,800 Credit $ 7,400 69,000 8,400 119,000 1,150,000 42,000 1,140,000 26,000 39,000 57,000 $ 2,657,800 Lone Wolf uses the purchase method of accounting for Inventories and the lapsing method of accounting for encumbrances. A Record the entry to close the budgetary accounts. Record the entry to close the remaining encumbrances by reversing the remaining budgetary balance. B C Record the entry to reserve the fund balance for encumbrances that lapse, but are expected to be honored in 20X2. D Record the entry to close the operating statement accounts. E Record the entry to close the transfer out. Note : journal entry has been entered X b. Prepare a general fund-only balance sheet at December 31, 20X1. Note: Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign. Total Assets Liabilities and Fund Balance Fund Balance: Spendable Assets Assigned to: LONE WOLF General Fund Balance Sheet December 31, 20X1 Total Liabilities and Fund Balance $ $ 0 0 0 0 The preclosing trial balance at December 31, 20X1, for Lone Wolf's general fund follows. Cash Property Taxes Receivable-Delinquent Allowance for Uncollectibles-Delinquent Due from other Funds Vouchers Payable Due to other Funds Fund Balance-Unassigned Property Tax Revenue Miscellaneous Revenue Expenditures other Financing Uses-Transfer out Estimated Revenues Control Appropriations Control. Estimated Other Financing Uses-Transfer Out Encumbrances Budgetary Fund Balance-Assigned for Encumbrances Budgetary Fund Balance-Unassigned Total Debit $ 91,000 129,300 14,500 1,135,000 26,000 1,223,000 39,000 $ 2,657,800 Credit $ 7,400 69,000 8,400 119,000 1,150,000 42,000 1,140,000 26,000 39,000 57,000 $ 2,657,800 Lone Wolf uses the purchase method of accounting for Inventories and the lapsing method of accounting for encumbrances. A Record the entry to close the budgetary accounts. Record the entry to close the remaining encumbrances by reversing the remaining budgetary balance. B C Record the entry to reserve the fund balance for encumbrances that lapse, but are expected to be honored in 20X2. D Record the entry to close the operating statement accounts. E Record the entry to close the transfer out. Note : journal entry has been entered X b. Prepare a general fund-only balance sheet at December 31, 20X1. Note: Follow the same sequence shown in the problem statement to select the appropriate answers. Amounts to be deducted should be indicated with minus sign. Total Assets Liabilities and Fund Balance Fund Balance: Spendable Assets Assigned to: LONE WOLF General Fund Balance Sheet December 31, 20X1 Total Liabilities and Fund Balance $ $ 0 0 0 0
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A Record the entry to close the budgetary accounts To close the budgetary accounts we need to revers... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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